CBUAE imposes sanctions of AED12.3 M on exchange houses

Reasons for sanctions
The sanctions were enacted based on findings from examinations conducted by the CBUAE. These examinations revealed violations and failures by the six exchange houses to comply with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) framework and related regulations.
CBUAE's commitment to compliance
Through its supervisory and regulatory mandates, the CBUAE strives to ensure that all exchange houses, along with their owners and staff, adhere to UAE laws, regulations, and standards. This commitment aims to maintain transparency and integrity in financial transactions and protect the UAE financial system.

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