The sanctions were pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.
The financial sanctions were imposed based on the findings of examinations conducted by the Central Bank, which revealed the violations and failures of the six exchange houses to comply with the AML/CFT framework, and related regulations.
CBUAE financial sanctions
The Central Bank, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by national laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the country’s financial system.
