The Central Bank of the United Arab Emirates officially announces the imposition of a financial penalty on all exchange companies
The Central Bank of the United Arab Emirates announced this morning, in an important and urgent official statement, the imposition of a financial penalty on all exchange companies operating in the UAE.
The Central Bank of the Arab Emirates is the first responsible for the economy in the Emirates and is considered an important economic hub in controlling the exchange rate, as well as in all economic aspects in the country
In a related context, the UAE Central Bank imposed a fine on listed companies operating in the country in accordance with the provisions of Article 137 of Federal Decree No. 14 of 2018 regarding the organization and activities of central banks and financial institutions.
The Central Bank of the United Arab Emirates announces the imposition of new and important sanctions
In this regard, a fine of AED 1,050,000 may be imposed as a result of the fact that the exchange company does not carry out currency exchange activities only in licensed premises, uses licensed agents in the money transfer process, and does not immediately report the violation to the Central Bank.
On the other hand, the Central Bank of the United Arab Emirates, through its supervisory and oversight functions, ensures that all listed companies operating in the country, as well as their owners and employees, comply with the laws and regulations in force in the country, rules and regulations. Standards approved by the Central Bank to maintain the transparency and integrity of operations and protect the state’s financial system.