The Central Bank of the United Arab Emirates has imposed financial penalties totaling 12,300,000 on six money exchange companies. This action was taken in accordance with Article 14 of the Federal Decree-Law No. 20 of 2018, which pertains to combatting money laundering and financing of terrorism and unlawful organizations, along with its amendments.
These sanctions result from inspections carried out by the Central Bank, which revealed shortcomings and violations by the six companies related to their failure to comply with the established framework for addressing money laundering and terrorism financing, as well as relevant legislation.
Through its regulatory and supervisory role, the Central Bank aims to ensure that money exchange businesses, their owners, and employees adhere to the laws and regulations in force within the UAE, as well as the standards it has set. This effort is crucial for maintaining transparency and integrity in financial transactions as part of the broader initiative to safeguard the nation’s financial system.