Central Bank imposes fine worth Dhs600,000 on individual for breach

Central Bank imposes fine worth Dhs600,000 on individual for breach

The Central Bank of the UAE (CBUAE) has imposed financial and administrative sanctions on a non-authorised individual related to an exchange house in the UAE.

The fine was imposed because the individual had no authorisation to undertake a function that required prior approval from the Central Bank. The fine totaled Dhs600,000.

The CBUAE also prohibited him from undertaking any future functions related to licensed financial institutions in the country.

"As the supervisory authority of exchange houses operating in the UAE, the CBUAE is actively overseeing that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the

transparency and integrity of the exchange houses' business,“ the central bank said in a note on its website.

Earlier this month, the CBUAE had fined an exchange house operating in the country Dhs504,000, taking into consideration its poor compliance history when imposing the fine.

Read: Exchange house in UAE fined Dhs504,000 by Central Bank

Meanwhile, last month, the central bank fined 11 banks operating in the country a total of Dhs45.75m.

Read: UAE Central Bank imposes fines worth Dhs45.75m on 11 banks