Abu Dhabi: The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED100 million on an exchange house, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018, concerning the Central Bank and Organisation of Financial Institutions and Activities, along with its amendments.

According to Emirates News Agency, the financial penalty stems from the findings of examinations carried out by the CBUAE. These examinations uncovered significant failures within the exchange house's framework for Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, as well as non-compliance with related regulations.

The CBUAE is committed to ensuring that all exchange houses, their owners, and staff adhere to UAE laws, regulations, and standards set by the CBUAE. This commitment aims to maintain the transparency and integrity of financial transactions and to safeguard the UAE's financial system.