Emirates News Agency – Central Bank imposes fine on foreign exchange company operating in the country

ABU DHABI, December 7 / WAM / The UAE Central Bank has imposed a fine on a foreign exchange company operating in the country, in accordance with the provisions of Article 14 of the Federal Decree Law No. (20) of 2018 concerning the fight against money laundering, the fight against the financing of terrorism and the financing of illicit organizations, and article 137 of the federal decree-law n. (14) of 2018 relating to the Central Bank and the organization of financial instruments and activities.
The fine, amounting to 1,925,000 dirhams, comes after the inspection conducted by the Central Bank, the results of which revealed that the exchange company concerned did not obtain from the Central Bank the letters of non-objection necessary for the establishment of certain business relations . These results also showed the weakness of the company’s compliance framework regarding due diligence policies and procedures necessary to prevent money laundering and terrorist financing.
The Central Bank of the UAE, through its supervisory and supervisory functions, works to ensure that all foreign exchange companies operating in the country, as well as their owners and employees, comply with the laws in force in the country and the regulations and standards approved by the Bank Centrale, with the aim of preserving the transparency and integrity of the operations of exchange companies and protecting the country’s financial system.