In January 2021, the Central Bank of the UAE (CBUAE) imposed a financial sanction on an exchange house operating in the UAE. The CBUAE’s sanction came after it identified deficiencies in the exchange house’s compliance with the country’s AML/CFT law.
The identified exchange house has a weak AML/CFT compliance framework. Its compliance history has also been poor. Taking its present and past status into account, the CBUAE has imposed a sanction of AED 504,000 ($137,218).
This sanction is likely to strengthen the CBUAE’s efforts to protect the transparency and integrity of exchange house transactions.
Source: Central Bank of the UAE