The UAE Central Bank (CBUAE) has imposed a financial sanction on an operating exchange house for violating rules related to anti-money laundering and combating the financing of terrorism and illegal organisations.
The regulatory said its investigation revealed that the exchange company had a weak compliance framework and history to prevent money laundering and financing of terrorism. Hence, it imposed a financial penalty of Dh496,000 on the company.
The sanction was imposed on April 18, 2021. The name of the exchange house hasn’t been disclosed.