The central bank imposes a penalty of two million dirhams on an exchange company
Abu Dhabi, June 24 / WAM / The United Arab Emirates Bank imposed a financial penalty of 2,000,000 dirhams, on one of the exchange companies, according to Article 137 of Decree Law No. 14 of 2018 regarding the Central Bank and the organization of facilities and financial activities and its amendments.
According to a press release issued today, the financial punishment comes based on the results of the inspections conducted by the Central Bank, which revealed the failure of the exchange company in compliance with the policies and procedures established in the face of money laundering, terrorist financing and the financing of illegal organizations.
The central bank, through its supervisory and regulatory duties, works to ensure the commitment of all exchange companies, their owners and employees to the laws in force in the United Arab Emirates, and the regulations and standards approved by it, with the aim of preserving the transparency and integrity of exchange business and protecting the state’s financial system.
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