The central bank imposes 4.1 million dirhams financial fines on 3 exchange companies

The United Arab Emirates Bank imposed varying financial fines on three exchange companies, with a total value of 4.1 million dirhams, according to Article 14 of Decree Law No. 20 of 2018 regarding facing money laundering crimes, combating terrorist financing, financing of illegal organizations and amendments.
Financial fines come based on the results of the inspections conducted by the Central Bank, and revealed the failure of exchange companies to comply with the policies and procedures prescribed in the face of money laundering crimes, combating terrorist financing and financing illegal organizations.
The central bank works through its supervisory and regulatory tasks to ensure the commitment of exchange companies, their owners and employees to legislation and laws in force in the UAE, and the regulations and standards approved by it, with the aim of preserving the transparency and integrity of financial transactions within the framework of efforts to protect the state’s financial system.