Monday, December 27, 2021 – 9:45 p.m.
ABU DHABI, 27 December / WAM / On 13 December 2021, the Central Bank of the United Arab Emirates imposed a financial fine on a currency exchange company operating in the country, in accordance with the provisions of Article 14 of Federal Resolution Act no. 20 of 2018 Regarding anti-money laundering and combating the financing of terrorism The financing of illegal organizations, and the relevant decisions issued by the Council of Ministers and the Board of Governors of the Central Bank, according to a press release issued today.
The imposition of the financial penalty – amounting to 352,000 dirhams – comes as a result of the failure of the exchange company to achieve adequate levels of compliance with the frameworks for combating money laundering and fines on time determined by the law.
The Central Bank has allowed all exchange companies operating in the country a sufficient period to address all deficiencies and to check compliance in accordance with the provisions of Federal Decree-Law No. 20 of 2018 and their executive regulations, while inform them of the imposition of fines provided for by law in the event of additional violations or shortcomings.
The Central Bank works continuously with all financial institutions in the country to achieve and maintain high levels of compliance in order to combat money laundering and combat terrorist financing, while imposing administrative or financial fines, or both, in accordance with the law, in cases of non-compliance.
En mem / Bassam Abdel Samie / Dina Omar