CBUAE imposes financial sanction of AED 2 m on exchange house

Findings of examination reveal non-compliance

The financial sanction was imposed after assessing the findings of an examination conducted by the CBUAE, which revealed that the exchange house failed to comply with Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policies and procedures.

CBUAE's commitment to financial system integrity

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners, and staff comply with UAE laws, regulations, and standards. This is part of its broader efforts to safeguard the transparency and integrity of the exchange house industry and the UAE financial system.