Anu Dhabi, UAE – The Central Bank of the UAE (CBUAE) imposed a financial sanction on an exchange house operating in the UAE for violating Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.
The financial sanction, amounting to AED1,925,000 ($524,166) followed the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to obtain letters of no objection from the CBUAE, before entering into certain business relationships.
The findings also showed that the exchange house had a weak compliance framework regarding the required due diligence policies and procedures to prevent money laundering and the financing of terrorism.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the exchange houses’ business and the UAE financial system.