UAE, 22 May, 2025 : The Central Bank of the UAE (CBUAE) has imposed a financial penalty of AED 200 million on an exchange house for major lapses in its Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework. The fine follows examinations conducted under Article 137 of Federal Law No. (14) of 2018.
Additionally, a branch manager was fined AED 500,000 and banned from working in any UAE-licensed financial institution.
The CBUAE reaffirmed its commitment to enforcing compliance with UAE laws to preserve the integrity of the financial system.
Source : www.centralbank.aeRelated Posts
Real estate has long been one of the most attractive sectors for criminals seeking to disguise illic...
Read More
For years, regulatory enforcement in AML followed a familiar pattern. A bank was found to have weak ...
Read More
For many Corporate Service Providers, customer due diligence is often viewed as the most important s...
Read More