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UAE fines exchange house AED5.2M (€1.4M) for ‘weak’ compliance framework; sanctions six companies for compliance failures

By Alisha Houlihan for AMLi

The United Arab Emirates has fined an exchange house AED5.2M (€1.4M) for failing to follow anti-money laundering and counter-terrorism policies. 

The Central Bank of the UAE (CBUAE) sanctioned the unnamed exchange house after it was determined to have “weak compliance framework” and “procedures to prevent money laundering and terrorist financing”, reports Emirates News Agency WAM.

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