The Central Bank of the United Arab Emirates has imposed a financial penalty of AED 2,000,000 on a currency exchange company, in accordance with Article (137) of Federal Decree Law No. (14) of 2018 concerning the Central Bank and the regulation of financial institutions and activities, along with its amendments.
This penalty arises from the findings of inspections conducted by the Central Bank, which revealed that the currency exchange company failed to comply with established policies and procedures aimed at combating money laundering, terrorist financing, and the funding of illegal organizations.
Through its supervisory and regulatory functions, the Central Bank aims to ensure that all currency exchange companies, along with their owners and employees, adhere to the laws and regulations in effect in the United Arab Emirates, as well as its approved systems and standards. The goal is to maintain transparency and integrity in currency exchange operations and to safeguard the stability of the national financial system.