The Central Bank cancels the license of “King Exchange” company and imposes a fine of 2 million dirhams

The United Arab Emirates Bank canceled the license of the “King of Exchange” company, and its name was removed from the licensing record, as well as imposing a fine of 2 million dirhams, according to Article (14) of the decree of a federal law No. (20) of 2018 regarding facing money laundering crimes, combating terrorist financing, financing illegal organizations and its amendments.

The cancellation of the license and the imposition of the financial fine comes based on the results of the inspections conducted by the Central Bank, which revealed the existence of failures and violations related to non -compliance with the framework of facing money laundering crimes, combating terrorist financing, financing of illegal organizations, and relevant legislation.

Through its supervisory and organizational duties, the central bank works 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 in the framework of efforts to protect the state’s financial system.