"Central Bank" It imposes a fine on an exchange company of 10.7 million dirhams

Abu Dhabi on the first of August / WAM / The United Arab Emirates Bank imposed a fine on an exchange company, with a value of 10.700,000 dirhams under Article 14 of the Decree of Federal Law No. 20 of 2018 regarding facing money laundering crimes and combating terrorist financing, financing illegal organizations and amendments.
The financial punishment comes based on the results of the inspections of the central bank, which revealed the exchange company’s failure to comply with the policies and procedures established in the face of money laundering, terrorist financing, financing of illegal organizations and sanctions.
Through its regulatory and organizational duties, the central bank is destroyed by ensuring the commitment of exchange companies, their owners and employees to the laws in force in the United Arab Emirates, regulations and standards approved by it, with the aim of preserving the transparency and integrity of the exchange sector, and protecting and stabilizing the state’s financial system.

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