Company did not have in place the ‘required risk analysis’ and due diligence policies and procedures
A money exchange operating in the UAE has been fined Dh4.8 million over its “weak compliance framework” to prevent money laundering and the financing of terrorism.
The exchange did not have in place the “required risk analysis” and due diligence policies and procedures.
The Central Bank of the UAE (CBUAE) imposed the financial sanction as per a federal law on anti-money laundering and combating the financing of terrorism and Illegal organisations. The CBUAE did not identify the exchange house.
It said it works to “ensure that all exchange houses, their owners and staff” abide by the applicable UAE laws, regulations and standards that “safeguard transparency and integrity” of the country’s financial system.
