$163,000 fine slapped on individual for anti-money laundering law violations in UAE

Central Bank says violations linked to exchange house operating in UAE

General view of the Central Bank of UAE on January 3, 2017

General view of the Central Bank of UAE on January 3, 2017

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The UAE Central Bank has issued a fine of 600,000 dirhams ($163,000) to a “non-authorised individual” linked to an exchange outlet.

The financial sanction is pursuant to some regulations including those related to combating money laundering and financing of terrorism and illegal organisations.

“The individual had no authorisation to undertake a function that required prior approval from the Central Bank as per article 127 of the Decretal Federal Law No (14) of 2018,” the statement said, without further elaborating the specific violations.

The central bank said it also prohibited the individual from undertaking any future functions related to licensed financial institutions in the country.

The authority has beefed up its monitoring of irregularities in financial institutions across the emirates. 

Last month, 11 banks were ordered to pay fines worth a total of 45.8 million dirhams for failure to fully comply with anti-money laundering and terrorist financing regulations.

(Writing by Cleofe Maceda; editing by s Daniel Luiz)


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