CBUAE imposes AED200 million financial sanction on exchange house

Significant failures in compliance framework

The financial penalty follows an investigation conducted by the CBUAE, which uncovered major deficiencies in the exchange house’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism and Illegal Organisations (CFT) framework. These findings highlight serious non-compliance with regulatory requirements.

Additional penalty on branch manager

In a related measure, the CBUAE imposed an AED500,000 financial penalty on a branch manager involved in the case. The individual has also been permanently banned from holding any position within any licensed financial institution in the UAE.

CBUAE reaffirms commitment to financial integrity

The CBUAE emphasized its ongoing commitment, through supervisory and regulatory mandates, to ensuring that all exchange houses, their owners, and employees comply with UAE laws and CBUAE regulations. These efforts aim to uphold transparency, protect the integrity of financial transactions, and safeguard the UAE’s financial system.