The UAE Central Bank has imposed a fine of $524,000 (Dh1,925,000) on an exchange house operating in the country for violation of a number of laws.
During an inspection conducted by the Central Bank, it revealed that the exchange house had failed to obtain letters of no objection from the bank to enter into certain business relationships, according to the Emirates News Agency (WAM).
For the latest headlines, follow our Google News channel online or via the app.
The fine was imposed on the exchange house, 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.
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 Central Bank, 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 it to safeguard the transparency and integrity of the exchange houses’ business and the UAE financial system.
UAE central bank expects real GDP growth to reach 4.2 percent next year: ReportThe United Arab Emirates central bank said on Wednesday it expects real GDP growth to reach 4.2 percent next year, up from its earlier forecast of 3.3 ... Gulf
UAE Central Bank issues seven silver commemorative coins in honor of founding fathersThe Central Bank of the United Arab Emirates (CBUAE) has announced the issuance of seven commemorative silver coins in one set to mark the 50th ... Gulf
UAE’s central banks sees increased risk of money laundering due to COVID-19The United Arab Emirates central bank sees increased risks of illicit financial flows emerging from the COVID-19 pandemic, including money-laundering ... Coronavirus
UAE central bank issues new guidelines on anti-money launderingThe United Arab Emirates central bank has issued new guidelines to financial institutions on anti-money laundering practices, it said on Monday, the ... Economy
UAE Central Bank sets up encrypted whistleblowing portal to report misconductThe Central Bank of the United Arab Emirates (CBUAE) has set up an encrypted whistleblowing portal for internal and external stakeholders to voice ... Gulf