UAE Central Bank imposes Dh600,000 penalty on individual linked to exchange house
The Central Bank of the UAE imposed sanctions on a non-authorised individual related to an exchange house operating in the UAE.
This is under the law on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations, as well as the federal law on Central Bank & Organisation of Financial Institutions and Activities.
It imposed a financial sanction of Dh600,000 on an individual and prohibited him from undertaking any future functions related to licensed financial institutions in the UAE. The individual had no authorisation to undertake a function that required prior approval from the Central Bank as per Article 137 of the Decretal Federal law No (14) of 2018, the CBUAE said in a statement.
It imposed a financial sanction of Dh600,000 on an individual and prohibited him from undertaking any future functions related to licensed financial institutions in the UAE. The individual had no authorisation to undertake a function that required prior approval from the Central Bank as per Article 137 of the Decretal Federal law No (14) of 2018, the CBUAE said in a statement.
