CBUAEimposes financial sanction ofAED200 million on exchange house

WAM
20 May 2025, 17:38 GMT+10

ABU DHABI, 20th May, 2025 (WAM) -- The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount AED200 million on an exchange house, pursuant to Article )137( of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organization of Financial Institutions and Activities, and amendments thereto.

The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed Significant failures in the Exchange House's Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations framework, and related regulations.

Furthermore, a financial sanction of AED500,000 was imposed on a branch manager, who has also been prohibited from holding any position within any licensed financial institutions in the UAE.

The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Greek Herald.

More Information

null in null

International Business

Section

Boeing clinches record jet deal with Qatar Airways during Trump visit

Qatar signs deal to buy 160 Boeing jets during Trump visit

DOHA, Qatar: Boeing secured its largest widebody aircraft deal this week, as Qatar Airways placed firm orders for 160 jets with options...

Taiwan to set up sovereign wealth fund

Taipei [Taiwan], May 20 (ANI): President Lai Ching-te on Tuesday announced a plan during his first anniversary speech for Taiwan to...

CBUAEimposes financial sanction ofAED200 million on exchange house

ABU DHABI, 20th May, 2025 (WAM) -- The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount AED200 million on an...

"Progress being made" in Russia-Ukraine conflict, Trump says after call with "nice gentleman" Putin

Washington, DC [US], May 20 (ANI): US President Donald Trump has claimed that he was doing the best he could with his Russian counterpart,...

EU slashes growth forecasts over higher U.S. tariffs, uncertainty

The Commission has cut its predictions for real GDP growth across the 27-country bloc to 1.1 percent in 2025 and 1.5 percent in 2026....

Are US-Israel special relations about to end

Donald Trumps Middle East tour conspicuously excluded the Jewish state, potentially signaling the start of a new foreign policy paradigm...

Mediterranean

Section