The Central Bank of the UAE (CBUAE) has handed another hefty fine to an exchange outlet in the UAE for violating financial regulations. 

The unnamed exchange house was ordered to pay AED 1.05 million ($285,875) for failing to meet obligations, including conducting exchange activities in licensed premises, using an approved cash-in-transit agent when transporting cash and immediately reporting violations. 

It’s the second financial sanction announced by the central bank this week. 

Last Wednesday, the authority ordered an exchange house to pay more than AED1.9 million for violations related to anti-money laundering. 

“The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the exchange houses’ business and the UAE financial system,” the central bank said. 

(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)