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UAE Central Bank Imposes Sanctions on Exchange House for Money Laundry

  • Publish date: Wednesday، 27 July 2022
UAE Central Bank Imposes Sanctions on Exchange House for Money Laundry

The Central Bank of the UAE (CBUAE) has imposed a financial sanction on an exchange house operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, and Article 137 of the Decretal Federal Law No.14 of 2018 regarding the Central Bank & Organisation of Financial Institutions and Activities.

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The financial sanction comes as a result of the examination findings conducted by the CBUAE and revealed that the exchange house had a weak compliance framework regarding the required due diligence policies and procedures to prevent money laundering and financing of terrorism.

Accordingly, the CBUAE imposed a fine of AED5,220,858 on the exchange house.

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