Support Centre

UAE: Central Bank imposes AED 496,000 fine on exchange house for weak AML/CFT framework

The Central Bank of the United Arab Emirates announced, on 22 April 2021, that it had imposed, on 18 April 2021, a financial sanction of AED 496,000 on an exchange house operating in the UAE, pursuant to Article 14 of the Federal Decree-law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism ('AML/CFT') and Financing of Illegal Organisations. In particular, the Central Bank outlined that its investigation revealed that the exchange house had a weak compliance framework to prevent money laundering and financing of terrorism. Furthermore, in determining the amount of the sanction, the Central Bank considered the exchange house's poor compliance history.

You can read the press release here.