UAE Central Bank Fines 3 Exchange Companies $1.1 Million for Breaking Money Laundering Rules
The Central Bank of the UAE has fined three exchange companies a total of $1.1 million (AED 4.1 million) for not following rules that fight money laundering and terrorism financing.
Why the Fine Was Given
The fines were issued under UAE’s 2018 law on anti-money laundering and counter-terrorism financing. The Central Bank inspected the companies and found serious problems in how they followed these rules.
The Central Bank said it is committed to making sure all licensed financial companies follow the law to keep the country’s financial system safe and honest. This action is part of the UAE’s larger plan to improve its financial rules and stop illegal money activities.
Update on the UAE’s Financial Sector
By the end of February, the UAE’s M1 money supply (cash and checking deposits) rose by 1.8% to $267.6 billion (AED 982.9 billion). This increase came from more cash being used outside banks and a rise in bank deposits.
The total assets of banks also grew by 1.6% to $1.26 trillion (AED 4.6 trillion). Bank loans and credit also went up by 0.9%, reaching $600 billion (AED 2.2 trillion), driven by both local and foreign lending.
UAE Economy
The UAE’s economy grew by 3.9% in 2024. This growth came from strong results in both the oil and non-oil sectors, according to a recent report from the Central Bank.
Published: 8th July 2025
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