The Central Bank of the United Arab Emirates has imposed a hefty fine of AED 10,700,000 on a currency exchange company, in accordance with Article “14” of Federal Decree Law No. “20” of 2018 concerning the combat of money laundering, financing of terrorism, and the funding of unlawful organizations, along with its amendments.
The financial penalty arises from the findings of inspections carried out by the Central Bank, which revealed that the currency exchange company failed to adhere to established policies and procedures designed to combat money laundering, terrorism financing, and the support of illicit organizations.
Through its regulatory and supervisory functions, the Central Bank is committed to ensuring that currency exchange firms, along with their owners and employees, comply with the prevailing laws of the United Arab Emirates, as well as the standards and regulations it has set. This is aimed at maintaining transparency and integrity within the currency exchange sector, thereby safeguarding the stability and soundness of the country’s financial system.