UAE: Exchange House Fined Dh10.7 Million For Violating Anti-Money Laundering Law

2025-08-01 04:15:59

(MENAFN- Khaleej Times)

The Central Bank of UAE has imposed a massive fine of Dh10.7 million on an exchange house.

This financial sanction was imposed after the authority found that the exchange house failed to comply with the AML/CFT policies and procedures.

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It was implemented under Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, and its amendments.

The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the local laws.

More to follow.

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