28 Oct 2020
The UAE Central Bank on Monday said it imposed administrative sanctions on two exchange houses for violating rules pertaining to anti-money laundering and combating financing of terrorism and illegal organisations.
The regulator imposed Dh500,000 fine on one firm and Dh950,000 on another company for having weak anti-money laundering and combating financing of terrorism (AML/CFT) compliance frameworks.
The administrative sanctions were imposed on October 4, 2020.
“As the supervisory authority of the exchange houses operating in the UAE, Central Bank is committed to ensuring all exchange houses abide by UAE laws and the regulations and standards set out by the Central Bank, in an effort to safeguard the transparency and integrity of the transactions of exchange houses,” the regulator said in a statement on Monday.
By Waheed Abbas, Khaleej Times, 26 October 2020
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