Industry news
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UAE central bank fines exchange house AED3.5m Administrator4 June 2025
The Central Bank of the UAE has imposed a financial sanction of AED3.5m ($950,000) on an exchange house for failing to comply with anti-money laundering (AML) and counter-terrorism financing regulations.
The fine follows a regulatory inspection that revealed weaknesses in the exchange house’s internal controls and procedures. The action was taken under Article 14 of Federal Decree Law No. (20) of 2018, which governs AML and combating illicit finance.
This latest measure is part of a broader enforcement drive by the central bank. In May, the central bank fined an exchange house AED100m and imposed a total of AED18.1m in penalties on two foreign bank branches.
The move reflects ongoing efforts by regulators to tighten oversight and maintain financial system integrity following the UAE’s removal from the Financial Action Task Force's (FATF’s) greylist in 2024.
In a statement, the central bank reaffirmed its commitment to maintaining transparency and safeguarding the UAE’s financial system. It said it would continue to monitor and take action against institutions that fall short of compliance obligations.
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