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.
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