quora
Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

Central Bank of UAE Penalized Exchange House Dhs504,000 for AML/CFT Breach

central bank

UAE’s exchange house has weak measures to fight money laundering and terrorism financing and require a better framework.

The Central Bank of the UAE, (CBUAE) said that it has penalized an exchange house that was working in the country with Dhs504,000. It has been reported that it was due to the non-compliance with the anti-money laundering and counter-terrorism financing regulations. The Central Bank reviewed the poor history of the exchange house’s compliance measure with the regulations before finalizing the penalty. 

The name of the exchange house has been kept anonymous but the fine was imposed “the pursuant to Article 14 of the Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.”

The Central Bank states that all the exchange house operating in the UAE’s jurisdiction must ensure that they abide by the regulatory framework regarding the illicit financial crimes such as money laundering and terrorism financing. They must ensure the standards issued by the UAE laws and regulations regarding the safekeeping the transparency of the exchange house’s transactions. 

UAE is already strengthening the country’s framework to prevent money laundering and terrorism. Just last month, the Central Bank penalized 11 banks a total of Dhs45.75m for breaching financial regulations. The banks failed to improve their compliance framework for sanctions and money laundering. 

Related Posts

News

Money Laundering and Drug Trafficking Account for Illicit Flow of US$ 1 Billion into Jamaica Annually

Reports have highlighted that money laundering, drug trafficking, and cybercrimes account for the...

Money Laundering and Drug Trafficking Account for Illicit Flow of US$ 1 Billion into Jamaica Annually Explore More

News

Morgan Stanley, Interactive Brokers Under Money Laundering Probe

The FBI, SEC, and other state agencies are now investigating why Morgan Stanley took on Rodriguez...

Morgan Stanley, Interactive Brokers Under Money Laundering Probe Explore More

News

UK Amends Corporate Act to Combat Economic Crimes

The UK government reformed the Economic Crime and Corporate Transparency Act to expand regulation...

UK Amends Corporate Act to Combat Economic Crimes Explore More

News

US Judge Approves Danske Bank’s $2 Billion Settlement to End Estonia Probe

A US judge has approved Danske Bank’s guilty plea in a $2 billion pact to end a probe into ...

US Judge Approves Danske Bank’s $2 Billion Settlement to End Estonia Probe Explore More

News

Giaba Trains BDC Operators for Money Laundering & Terrorist Financing

GIABA (Inter-Governmental Action Group against Money Laundering in West Africa) has started a thr...

Giaba Trains BDC Operators for Money Laundering & Terrorist Financing Explore More

News

Westpac CEO Brian Hertzer Resigns Amid Money-Laundering Scandal

The chief executive of Westpac Banking Corporation, Brian Hartzer, has resigned and the chairman ...

Westpac CEO Brian Hertzer Resigns Amid Money-Laundering Scandal Explore More

News

The EU and UK Announce Major Regulatory Reforms to Safeguard Crypto-Assets

EU implements unified crypto-asset regulations, MiCA, and incorporates Travel Rule to secure cryp...

The EU and UK Announce Major Regulatory Reforms to Safeguard Crypto-Assets Explore More

News

AGA Issues Updated AML Compliance Guidelines for the Gaming Industry

American Gaming Association (AGA) launches the third edition of the Best Practices of AML Complia...

AGA Issues Updated AML Compliance Guidelines for the Gaming Industry Explore More

News

Turkish President Announces New Crypto Bill to Legalize Virtual Assets

Turkey’s Parliament to announce the cryptocurrency bill in the coming weeks. Legal framework will...

Turkish President Announces New Crypto Bill to Legalize Virtual Assets Explore More

News

Crypto Under Threat – UK Banks are Blocking Payments

Due to rising financial crimes related to cryptos, banks in the UK are blocking payments to crypt...

Crypto Under Threat – UK Banks are Blocking Payments Explore More

News

Fake Vaccination Certificates Becoming a Full-blown Industry in 29 Countries

Thousands of fake vaccination certificates are being sold on the dark web, and through the messag...

Fake Vaccination Certificates Becoming a Full-blown Industry in 29 Countries Explore More

News

Nearly $30 Billion Laundered Through Canada’s Real Estate – Says TIC

A joint study by Transparency International Canada and the End Snow Washing Coalition highlighted...

Nearly $30 Billion Laundered Through Canada’s Real Estate – Says TIC Explore More

News

SEC Ramps Up Efforts to Tackle Identity Theft in the Captial Market

The Securities and Exchange Commission (SEC) has noted that the Identity Management System will d...

SEC Ramps Up Efforts to Tackle Identity Theft in the Captial Market Explore More

News

EU Court of Justice Passes Judgement Against Provision of AMLD5

EU Court of Justice has passed a judgment against the provision of the AMLD5, concluding that pub...

EU Court of Justice Passes Judgement Against Provision of AMLD5 Explore More

News

Research for Implications of CBDC on the Rise in Australia

As of the November 2 announcement of the Reserve Bank of Australia, the country has partnered wit...

Research for Implications of CBDC on the Rise in Australia Explore More

News

Medical Testing Postpones Money Launderer’s Sentencing

The conviction of Mark Scott, a licensed advocate involved in laundering $400 million for the unp...

Medical Testing Postpones Money Launderer’s Sentencing Explore More

News

South Africa’s Addition to FATF Gray List Causes Unforeseen Repercussions on Tax Law Implementation

Tax Consulting SA’s report has revealed that greylisting has caused disquietude surrounding...

South Africa’s Addition to FATF Gray List Causes Unforeseen Repercussions on Tax Law Implementation Explore More

News

UAE Central Bank Issues New Anti-Money Laundering Guidelines

The Central Bank stated that all financial institutions have a month to comply with the new AML g...

UAE Central Bank Issues New Anti-Money Laundering Guidelines Explore More

News

Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance

Japan’s Financial Services Agency (FSA) has strictly directed financial institutions to devise a ...

Japan: FSA Sets a Firm Deadline For FI to Ensure Full AML/CFT Compliance Explore More

News

UK Convicts 11 Couriers for Conspiring to Launder $124 Million in Cash to Dubai

An investigation conducted by the UK’s National Crime Agency led to the conviction of 11 co...

UK Convicts 11 Couriers for Conspiring to Launder $124 Million in Cash to Dubai Explore More

News

AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations

The Association of Accounting Technicians (AAT) warned the UK government that reforming Anti-Mone...

AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations Explore More

News

France to Implement Stringent Regulations on Cryptocurrency

France is planning on regulations that abolish the anonymity in cryptocurrency. Financial authori...

France to Implement Stringent Regulations on Cryptocurrency Explore More

News

Scammers Stealing Kids’ Identities By Offering ‘Free Child Safety Kids”

The Better Business Bureau (BBB) is warning parents to be aware of ‘free child safety kits’ as sc...

Scammers Stealing Kids’ Identities By Offering ‘Free Child Safety Kids” Explore More

News

UAE and Egypt Collaborate to Fight Money Laundering and Terrorist Financing

UAE has signed MoU with Egyptian Money Laundering and Terrorist Financing Combating Unit to stren...

UAE and Egypt Collaborate to Fight Money Laundering and Terrorist Financing Explore More

News

Saudi Bank Warns Citizens Against Financial Fraud Schemes Circulating via Fake News Websites

The Saudi Ministry of Commerce is reiterating warnings about fake news websites looting people by...

Saudi Bank Warns Citizens Against Financial Fraud Schemes Circulating via Fake News Websites Explore More

News

South Korea to Penalize the Non-Compliant Crypto Companies

Financial watchdogs in South Korea have announced regulations to prevent financial crimes in the ...

South Korea to Penalize the Non-Compliant Crypto Companies Explore More

News

MBSB Bank to Implement BNM’s Requirements for Combating Financial Crimes

Bank Negara Malaysia announced additional security measures for financial institutions to strengt...

MBSB Bank to Implement BNM’s Requirements for Combating Financial Crimes Explore More

News

California to Reopen its Economy with COVID Vaccine and Testing Requirements

After more than a year of COVID-19 restrictions, the State of California to finally reopen its ec...

California to Reopen its Economy with COVID Vaccine and Testing Requirements Explore More

News

Philippines AMLC Releases New Study for Suspicious Transactions Linked to Casino Junkets

The Philippines AMLC has officially published the latest study on suspicious transactions linked ...

Philippines AMLC Releases New Study for Suspicious Transactions Linked to Casino Junkets Explore More

News

Nevada Takes Measures to Combat Unemployment Insurance Fraud

District of Nevada’s Office of U.S Attorney has shown concerns about the rise in unemployment ins...

Nevada Takes Measures to Combat Unemployment Insurance Fraud Explore More

News

ACRA Cancels Registration of Company for AML/CFT Failures

The Accounting and Corporate Regulatory Authority (ACRA) has revoked the registration of a compan...

ACRA Cancels Registration of Company for AML/CFT Failures Explore More

News

Owner of RGCoins Rosen Iossifov Guilty of Crypto Money Laundering

Iossifov was accused of two conspiracy counts; racketeering and money laundering. After a two-wee...

Owner of RGCoins Rosen Iossifov Guilty of Crypto Money Laundering Explore More

News

Deepfakes on TikTok raise new security concerns

Deepfakes have started showing up on the popular video app TikTok, owned by ByteDance, a Chinese ...

Deepfakes on TikTok raise new security concerns Explore More

News

Ireland embraces the EU’s Anti-Money Laundering (AML) directive

EU’s anti-money laundering directive has been actively embraced by countries all across the globe...

Ireland embraces the EU’s Anti-Money Laundering (AML) directive Explore More

News

Myanmar Promises Improvements after FATF’s Blacklisting

Myanmar’s central bank has made promises of reforms and issued a warning against currency m...

Myanmar Promises Improvements after FATF’s Blacklisting Explore More

News

Bank of England fines Citigroup £44m Over Poor Financial Information

The Bank of England has fined the UK branch of the US bank, Citigroup, a record £44m because the ...

Bank of England fines Citigroup £44m Over Poor Financial Information Explore More

News

French Magazine XXI to Reveal ICIJ’s Take on Tax Havens

In an interview with ICIJ, XXI editor David Servenay says that the offshore world is more powerfu...

French Magazine XXI to Reveal ICIJ’s Take on Tax Havens Explore More

News

China officially recognizes Blockchain jobs as a new occupation

The ongoing COVID-19 outbreak is modifying blockchain companies, and its effect is not always neg...

China officially recognizes Blockchain jobs as a new occupation Explore More

News

Namibia Enhances its National Crypto Strategy with New Legislation

Namibia raises the bar with new legislation in the National Crypto Strategy to combat crypto scam...

Namibia Enhances its National Crypto Strategy with New Legislation Explore More

News

United Nations Calls for a Pact to Fight Financial Crimes

United Nations’ panel of experts has called on the governments around the world to take part in e...

United Nations Calls for a Pact to Fight Financial Crimes Explore More

News

DIA Warns Auckland Real Estate for Lax Money Laundering Prevention

The department of Internal Affairs has issued a formal warning to Auckland’s real estate company ...

DIA Warns Auckland Real Estate for Lax Money Laundering Prevention Explore More

News

Hacker attempts to steal crypto via fake Google Chrome extensions

A hacker is exploiting trust in renowned brands by creating fake cryptocurrency wallet extensions...

Hacker attempts to steal crypto via fake Google Chrome extensions Explore More

News

HKMA Fines Cathay United Bank’s Hong Kong Branch with HK$11m

HKMA investigated CUBHK for violating the Anti-Money Laundering and Counter-Terrorist Financing O...

HKMA Fines Cathay United Bank’s Hong Kong Branch with HK$11m Explore More

News

Saskatchewan Government Invests $1.66m to Support Fight Against Money Laundering

The Government of Saskatchewan is spending $1.66 million on the Civil Forfeiture Program to back ...

Saskatchewan Government Invests $1.66m to Support Fight Against Money Laundering Explore More

News

FIAU Imposed a Fine of €130,000 on Olimp Limited for AML Failures

Olimp Limited has dropped its gaming license since FIAU imposed €130,000 fine on the company for ...

FIAU Imposed a Fine of €130,000 on Olimp Limited for AML Failures Explore More

News

The market for Digital Identity Solutions expected to double by 2024

The market for Digital Identity Solutions is predicted to double between 2019 and 2024, as report...

The market for Digital Identity Solutions expected to double by 2024 Explore More

News

BitGo settles with US Treasury; Sanctions Violations will Cost $98,830

The U.S. Treasury has settled with BitGo over costs that it helped users in authorised divisions ...

BitGo settles with US Treasury; Sanctions Violations will Cost $98,830 Explore More

News

MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols

Over 100 companies were either turned down or had to withdraw their applications for a license to...

MAS Rejects License Applications of 100 Crypto Exchanges for Ineffective CDD Protocols Explore More

News

USD 10.4 Billion Paid by Financial Groups in 2020 in Regulatory Fines

Know Your Customer and Anti-money Laundering non-compliance penalties rose 26% this year. Many pr...

USD 10.4 Billion Paid by Financial Groups in 2020 in Regulatory Fines Explore More

News

Cambodia and Thailand Police Forces Unite Against Money Laundering and Terrorist Financing

The Cambodian and Thailand National Police officers partner to bolster their strength against mon...

Cambodia and Thailand Police Forces Unite Against Money Laundering and Terrorist Financing Explore More

News

Deutsche Bank Pays $130M to Avoid Corrupt Payment Charges

Deutsche Bank, a German investment bank, has agreed to pay the fine of $130 million to settle the...

Deutsche Bank Pays $130M to Avoid Corrupt Payment Charges Explore More

News

Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021

The Hong Kong Police has advised the public to remain cautious when meeting people online due to ...

Hong Kong Police Reveals 822 Romance Scams Occurred in 1H of 2021 Explore More

News

Facebook Built a Facial Recognition App To Identify Employees

Facebook is again under fire for its controversial facial recognition technology. The tool used f...

Facebook Built a Facial Recognition App To Identify Employees Explore More

News

Investment platforms on target of Criminals to Launder Stolen COVID Relief funds

Sophisticated fraudsters with expert knowledge in tech are stealing the COVID-19 relief funds fro...

Investment platforms on target of Criminals to Launder Stolen COVID Relief funds Explore More

News

Department of Finance Announces Commencement of South Africa’s New AML/CTF Laws

Department of Finance has announced the start date for South Africa’s new Anti Money Laundering a...

Department of Finance Announces Commencement of South Africa’s New AML/CTF Laws Explore More

News

EFCC Warns Financial Crime is Thriving in Real Estate

According to the Economic and Financial Crimes Commission, EFCC, real estate companies are requir...

EFCC Warns Financial Crime is Thriving in Real Estate Explore More

News

Panama & the Cayman Islands’ AML Efforts May Lead to Removal From FATF Gray List

According to the Paris-based watchdog, Financial Action Task Force (FATF), Panama and the Cayman ...

Panama & the Cayman Islands’ AML Efforts May Lead to Removal From FATF Gray List Explore More

News

Banks in the UK Face Customer Frustration for Digital Identity Checks

The global analytics software service provider FICO has reported that the banks in the United Kin...

Banks in the UK Face Customer Frustration for Digital Identity Checks Explore More

News

FTX Customers File Class Action Against Bankrupt Crypto Exchange

FTX customers had filed a class action against the bankrupt crypto exchange and its ex-CEO Sam Ba...

FTX Customers File Class Action Against Bankrupt Crypto Exchange Explore More

News

HSBC Fined £64m for “Unacceptable AML Failings”

HSBC was fined by the UK’s financial regulator for ‘deficient transaction monitoring controls’. W...

HSBC Fined £64m for “Unacceptable AML Failings” Explore More

News

FinCEN Proposes the Designation of Eligible Customers as Exempt Person

As a part of the Paperwork Reduction Act of 1995, the Financial Crime Enforcement Network (FinCEN...

FinCEN Proposes the Designation of Eligible Customers as Exempt Person Explore More

News

UK Launches New Crypto Asset Promotion Rules

The UK’s latest obligations on the promotions of the crypto service providers came into force thi...

UK Launches New Crypto Asset Promotion Rules Explore More

News

OCBC Fines Money Laundering Suspect $19.7million

The Oversea-Chinese Banking Corporation (OCBC) has fined the individuals involved in Singapore’s ...

OCBC Fines Money Laundering Suspect $19.7million Explore More

News

Customers warned of scams by the UK banking lobby amid COVID-19

Banking customers should be aware of fraudsters who are exploiting the COVID-19 epidemic to carry...

Customers warned of scams by the UK banking lobby amid COVID-19 Explore More

News

$4.4 Billion Worth Cryptocurrency Stolen in 2019

The crypto analytics firm, CipherTrace released its Q3 2019 Cryptocurrency Anti-Money Laundering ...

$4.4 Billion Worth Cryptocurrency Stolen in 2019 Explore More

News

FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK

UK’s Financial Conduct Authority (FCA) has called out EU firms operating in the UK to meet their ...

FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK Explore More

News

AUSTRAC Has Published a New Guidance For Detecting “Cuckoo Smurfing”

AUSTRAC’s guidance offers indicators for financial institutions, to allow them to detect suspicio...

AUSTRAC Has Published a New Guidance For Detecting “Cuckoo Smurfing” Explore More

News

Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams

Singapore authorities have decided to amend laws for prosecuting money mules facilitating financi...

Singapore Plans to Amend Laws to Arrest Money Mules Facilitating Scams Explore More

News

£78 Million Stolen in Investment Scams, Warns FCA

FCA- Financial Conductive Authority has given out a warning as the investment scams regarding ‘cl...

£78 Million Stolen in Investment Scams, Warns FCA Explore More

News

Sam Bankman-Fried Charged with Fraud and Money Laundering, Makes Headlines Again

A federal indictment accusing FTX Co-Founder Sam Bankman-Fried of committing widespread fraud has...

Sam Bankman-Fried Charged with Fraud and Money Laundering, Makes Headlines Again Explore More

News

Foxconn Becomes the Victim of Ransomware Attack

A ransomware attack has impacted an electronic manufacturer, Foxconn, very badly. This attack was...

Foxconn Becomes the Victim of Ransomware Attack Explore More

News

Twitter Reveals Plans of Addressing Deepfakes

Last month, Twitter announced that it was working on plans to better handle the rising issues of ...

Twitter Reveals Plans of Addressing Deepfakes Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started