CBUAE imposes sanctions of AED12.3 M on exchange houses

June 10, 2025 / 8:33 PM

Sharjah24 - WAM: The Central Bank of the UAE (CBUAE) has imposed financial sanctions totaling AED 12,300,000 on six exchange houses in the UAE. This action is pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations, along with its amendments.

Reasons for sanctions

The sanctions were enacted based on findings from examinations conducted by the CBUAE. These examinations revealed violations and failures by the six exchange houses to comply with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework and related regulations.

CBUAE's commitment to compliance

Through its supervisory and regulatory mandates, the CBUAE strives to ensure that all exchange houses, along with their owners and staff, adhere to UAE laws, regulations, and standards. This commitment aims to maintain transparency and integrity in financial transactions and protect the UAE financial system.