CBUAE imposes fine on financial institution for failing to adhere to anti-money laundering rules

Written By Akshaya Ashok, Reviewed By Nouphal P C

Published on 25/02/2024

The Central Bank of UAE has taken strict action against financial irregularities by financial institutions.

 A money exchange house operating in the UAE has been fined for failing to strictly adhere to anti-money laundering and anti-terrorist financing regulations.  A fine of 5.2 million dirhams was imposed.

 The financial penalty was imposed in accordance with Article 14 of the 2018 Federal Decree Law (20) and Article 137 of the Decree Federal Against Money Laundering, Financing Terrorism, and Financing Illegal Organizations.

 An investigation by the Central Bank of UAE found that the money exchange house did not follow due diligence policies and procedures.

 Law No. (14) of 2018 relating to the organization of the activities and activities of the Central Bank and Financial Institutions.

 The CBUAE, through its supervisory and regulatory mandate, works to ensure that all exchange houses and their owners and employees comply with UAE laws, regulations, and standards.

Written By

Akshaya Ashok

Akshaya Ashok is a content writer specializing in creating content focused on accounting and auditing. With over two years of experience, she has developed expertise in crafting professional content for the financial sector.