UAE Central Bank Fines Exchange House $2.9M for Breaking Money Laundering Rules
The Central Bank of the UAE has fined an exchange company $2.9 million (AED 10.7 million) for not following rules meant to stop money laundering and the funding of terrorism.
What happened?
The fine was the result of a review by the central bank, which found that the company failed to meet rules related to compliance and international sanctions.
This is the third time this week the Central Bank has taken action against companies not following anti-money laundering (AML) and counter-terrorism financing (CTF) laws.
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Thursday: The Central Bank canceled the license of Gomti Exchange for serious rule violations.
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Wednesday: It also revoked the license of Al Nahdi Exchange for major compliance failures.
Why it matters
The Central Bank said these actions are important to protect the strength and trust of the UAE’s financial system. These steps are part of the country’s efforts to stop illegal financial activities and make sure its banking system stays safe and transparent.
Progress with international partners
In June, the European Union removed the UAE from its list of high-risk countries for money laundering. This came after the global watchdog FATF also took the UAE off its grey list in February 2024, praising the country’s progress in tightening financial rules.
This move has helped improve relations between the EU and UAE, with both sides now working on a free trade deal that could boost business in areas like AI, energy, and defense.
Published: 2nd August 2025
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