Six exchange houses in UAE fined over AED 17 million

WAM

Six exchange houses operating in the UAE have been fined more than AED 17.3 million for flouting anti-money laundering regulations.

The Central Bank (CBUAE) took action after the entities failed to achieve appropriate levels of compliance with the law on preventing money laundering and financing of terrorism.

The sanctions were imposed on September 14 but the names of the exchanges have not been disclosed.

All exchange houses in the UAE were instructed in the middle of 2019 to ensure compliance by the end of that year, informing them that further shortcomings would result in penalties.

More from Business News

  • UK's Jaguar Land Rover to halt US shipments over tariffs

    Jaguar Land Rover will pause shipments of its Britain-made cars to the United States for a month, it said on Saturday, as it considers how to mitigate the cost of President Donald Trump's 25% tariff.

  • US starts collecting Trump's new 10% tariff

    U.S. customs agents began collecting President Donald Trump's unilateral 10% tariff on all imports from many countries on Saturday, with higher levies on goods from 57 larger trading partners due to start next week.

  • Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

    The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.

  • Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

    UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).

Blogs