“The Central” is a exchange company of 800 thousand dirhams

The United Arab Emirates Bank imposed a fine on one of the exchange companies, amounting to 800 thousand dirhams, according to Article (137) of Decree Law No. (14) of 2018 regarding the central bank and organizing facilities and financial activities and its amendments.

The financial fine came based on the results of the inspections conducted by the Central Bank, which revealed the failure of the exchange company to adhere to the policies and procedures prescribed to counter money laundering, combat terrorist financing and financing of illegal organizations.

Through its regulatory and organizational duties, the central bank is destroyed by ensuring the compliance of exchange companies, their owners and employees with the laws in force in the United Arab Emirates, the regulations and standards adopted by it, with the aim of preserving the transparency and integrity of the sector, and protecting and stabilizing the state’s financial system.