The UAE Central Bank has imposed a fine worth AED 1.05 million ($285,908) on an exchange house, for failing to reach appropriate compliance levels in regard to financial activity regulations.
The regulator fined the exchange house for “violating its obligation to conduct exchange activities in the licensed premises only, to use an approved cash-in-transit agent when transporting cash and for violating its obligation to immediately report violations to the central bank”, the Central Bank said in a statement on Friday, without disclosing the name of the exchange house.
The central bank did not name the exchange house.
The Central Bank as continuously imposed sanctions to contribute to the UAE’s efforts to improve its financial system – which include implementing stricter policies for financial firms.
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