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

New Bitcoin scam hits Canada

According to a report, a supposed Bitcoin (BTC) scam is now targeting residents of Winnipeg, Cana...

New Bitcoin scam hits Canada Explore More

News

Swedish Bank SEB Accused of Money Laundering

Investigations done by the news agency TT and broadcaster SVT revealed that 25 SEB clients record...

Swedish Bank SEB Accused of Money Laundering Explore More

News

Singapore Now Requires Developers to Comply with New AML/TF Regulations

The Singaporean government will implement a new anti-money laundering and anti-terrorism financin...

Singapore Now Requires Developers to Comply with New AML/TF Regulations Explore More

News

Travel to Restart as Several Countries Roll out Their Version of Vaccine Passports

Japan is planning on introducing a vaccine passport to make travelling easy for people. Internati...

Travel to Restart as Several Countries Roll out Their Version of Vaccine Passports Explore More

News

White House Wants COVID Vaccine Passports to be Secure, Private, and Free

According to the White House, the Federal Government should not be responsible for verifying that...

White House Wants COVID Vaccine Passports to be Secure, Private, and Free Explore More

News

Malta Faces 200% Spike in Money Laundering Cases

Financial Intelligence Analysis Unit (FIAU), Malta’s financial regulator, received a 200% increas...

Malta Faces 200% Spike in Money Laundering Cases Explore More

News

Banks Creating Regulations for the Cannabis Merchants for Better Compliance

Growing and dealing in cannabis was illegal a few years back. However, the medical benefits of ma...

Banks Creating Regulations for the Cannabis Merchants for Better Compliance Explore More

News

Prevailing Financial Crimes Make London a Safe Haven for Money Launderer

The UK’s capital is exposed to multiple financial crimes including money laundering and thefts wi...

Prevailing Financial Crimes Make London a Safe Haven for Money Launderer Explore More

News

CCPA in effect – Mozilla firefox will let users delete their collected data

The California Consumer Privacy Act came into effect on Wednesday, Jan 1. Being obliged by the ne...

CCPA in effect – Mozilla firefox will let users delete their collected data Explore More

News

International CBI Sharpen Focus on Due Diligence Procedures in Light of Global Risks

Discussion by renowned experts of major due diligence agencies in the PWM virtual panel highlight...

International CBI Sharpen Focus on Due Diligence Procedures in Light of Global Risks Explore More

News

SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals

COVID-19 pandemic has paved the way for cybercriminals to target South Africa’s healthcare organi...

SA’s Healthcare Organizations Become the Latest Prey for Cybercriminals Explore More

News

UAE Banks Asked to Strengthen their AML/CFT Measures

UAE financial institutions and the banks are required to prioritize eliminating money laundering ...

UAE Banks Asked to Strengthen their AML/CFT Measures Explore More

News

Amendments to ‘Trust Property Control Act’ May Still Require Revisions

FISA (Fiduciary Institute of Southern Africa) and other notable trust law experts have expressed ...

Amendments to ‘Trust Property Control Act’ May Still Require Revisions Explore More

News

Europe Bolsters Fight Against Financial Crime with AMLA Formation

The European Parliament (EP) and European Union (EU) council teams have agreed to create the Euro...

Europe Bolsters Fight Against Financial Crime with AMLA Formation Explore More

News

Bank of Ghana Proposed Guidelines to Strengthen AML/CFT Regulation

The Bank of Ghana proposed guidelines for banks to enhance the Anti-Money Laundering and Combatin...

Bank of Ghana Proposed Guidelines to Strengthen AML/CFT Regulation Explore More

News

Kuwait’s Ministry of Social Affairs to Amend the Executive Law to Fight Money Laundering and Terrorism

Kuwait’s Ministry of Social Affairs is currently reviewing a proposal to amend the executive regu...

Kuwait’s Ministry of Social Affairs to Amend the Executive Law to Fight Money Laundering and Terrorism Explore More

News

Payment Companies Suggest Best Practices To Stay Away From Bank Shutouts

Payment companies have proposed a set of best practices to avoid bank shutouts by protecting the ...

Payment Companies Suggest Best Practices To Stay Away From Bank Shutouts Explore More

News

Bermuda Monetary Authority Tightens AML Control as Threat of Money Laundering Increases

Bermuda Island was rated high in the 2020 Money Laundering and Terrorist Financing Risk Assessmen...

Bermuda Monetary Authority Tightens AML Control as Threat of Money Laundering Increases Explore More

News

Reddit follows Facebook suit and bans impersonation on its platform

Earlier this week, Facebook announced its new policy to ban manipulated pictures and videos known...

Reddit follows Facebook suit and bans impersonation on its platform Explore More

News

Cybercrimes in UK have ‘doubled’ in past five years

Large businesses remain most at target but SMBs have seen the steepest rise in successful cyber a...

Cybercrimes in UK have ‘doubled’ in past five years Explore More

News

Banks Ordered by BSP to Enhance the Filing of Suspicious Reports

MANILA, Philippines – In an attempt to ramp up its fight against financial crimes, the Bang...

Banks Ordered by BSP to Enhance the Filing of Suspicious Reports Explore More

News

Ransomware gang strikes three companies in the US and Canada

The well-known ransomware group REvil has initiated another series of attacks targeting three com...

Ransomware gang strikes three companies in the US and Canada Explore More

News

FINRA Issues its Examination and Risk Monitoring Program Report 2023

FINRA published its 2023 report on its Examination and Risk Monitoring Program, covering all the ...

FINRA Issues its Examination and Risk Monitoring Program Report 2023 Explore More

News

EU Removes Iraq From List of High-Risk Money Laundering Countries

Iraq has been de-listed from the EU’s list of high-risk countries for money laundering and terror...

EU Removes Iraq From List of High-Risk Money Laundering Countries Explore More

News

FATF to Shorten Its Fifth Round of Mutual Evaluation to Assess Countries’ AML Regimes

The Financial Action Task Force has announced that it will shorten its fifth round of mutual eval...

FATF to Shorten Its Fifth Round of Mutual Evaluation to Assess Countries’ AML Regimes Explore More

News

Danske Bank Revamps Compliance Measures After Money-Laundering Scandal

Danske Bank A/S was engulfed by a money-laundering scandal in 2018 among other banks in the Nordi...

Danske Bank Revamps Compliance Measures After Money-Laundering Scandal Explore More

News

Govt assists Struggling Swiss Crypto Valley

Switzerland’s “Crypto Valley” is in talks with the federal government for fixing a 100 million Sw...

Govt assists Struggling Swiss Crypto Valley Explore More

News

US Infrastructure Bill Eyes on Introducing Stringent Crypto Provisions

The infrastructure bill proposed in the US Congress aims at revamping how crypto exchanges perfor...

US Infrastructure Bill Eyes on Introducing Stringent Crypto Provisions Explore More

News

UK’s Decision to Dump the GDPR Raises Concerns for Online Gambling Sector

The UK is facing financial turbulence because of changing its way from participating in European ...

UK’s Decision to Dump the GDPR Raises Concerns for Online Gambling Sector Explore More

News

Fraudsters exploiting Coronavirus panic have scammed £1.6 million

United Kingdom investigators have reported more than 500 COVID-19 associated scams and over 2,000...

Fraudsters exploiting Coronavirus panic have scammed £1.6 million Explore More

News

eCommerce Lost £16 Million in Frauds During Lockdown

The UK’s national reporting centre for fraud and cybercrime has revealed new figures which show £...

eCommerce Lost £16 Million in Frauds During Lockdown Explore More

News

International Student Sues Commonwealth Bank for Money Laundering Scam

An Indonesian student and her family sued the Commonwealth Bank as they lost millions of dollars ...

International Student Sues Commonwealth Bank for Money Laundering Scam Explore More

News

BaFin Demands Deutsche Bank to Tighten its AML Controls

The financial regulatory authority in Germany, BaFin (Federal Financial Supervisory Authority) ha...

BaFin Demands Deutsche Bank to Tighten its AML Controls Explore More

News

US Senators Urge CISA to Incorporate Rules for Ransomware Reporting

US senators have urged the CISA to enforce new ransomware reporting rules amid a sharp increase i...

US Senators Urge CISA to Incorporate Rules for Ransomware Reporting Explore More

News

Cambodia Seeks Exit from FATF Grey List in Early 2023

Cambodia has finally invited the Financial Action Task Force (FATF) to evaluate its progress in f...

Cambodia Seeks Exit from FATF Grey List in Early 2023 Explore More

News

FinTech in Malaysia is Improving Due to Friendly Regulations

Malaysia has taken a user-friendly approach to adapt to financial regulations as it is working to...

FinTech in Malaysia is Improving Due to Friendly Regulations Explore More

News

Taiwan’s Security Watchdog is Set to Regulate Local Crypto Industry to Prevent Money Laundering

Taiwan’s top financial regulator is set to become the primary oversight body to monitor the...

Taiwan’s Security Watchdog is Set to Regulate Local Crypto Industry to Prevent Money Laundering Explore More

News

Two foreign nationals charged with Cryptocurrency laundering

The United States Department of Justice has charged two Chinese nationals with laundering $100 mi...

Two foreign nationals charged with Cryptocurrency laundering Explore More

News

SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks

The South Africa Reserve Bank (SARB)’s Prudential Authority has issued a guidance note to banks f...

SARB Issues Guidance to Discourage the Termination of Crypto Transactions in Banks Explore More

News

Zoom improves user security by incorporating 2FA for all users

Zoom confirmed adding 2-factor authentication (2FA) for all the users of the platform. This marks...

Zoom improves user security by incorporating 2FA for all users Explore More

News

UK’s National Crime Agency Builds a Specialised Crypto Investigation Team

The United Kingdom’s National Crime Agency (NCA) is planning to establish a professional team to ...

UK’s National Crime Agency Builds a Specialised Crypto Investigation Team Explore More

News

Brace for Home Visits, FCA Warns Remote Traders and Bankers

UK’s Financial Conduct Authority has issued a warning for all hybrid-working financial institutio...

Brace for Home Visits, FCA Warns Remote Traders and Bankers Explore More

News

Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions

The representatives of the Crypto industry have disapproved of reporting data about NFTs, DeFi tr...

Crypto Industry Rejects New Rules to Report NFT and DeFi Transactions Explore More

News

Interpol Launches New Center to Combat Financial Crime

Interpol has launched a Financial Crime and Anti-Corruption Center (IFCACC) as part of efforts to...

Interpol Launches New Center to Combat Financial Crime Explore More

News

Australian Police Launch Avarus, a Multi-task Force to fight Money Laundering

Australian Federal Police has set up a new multi-agency task force to fight prevailing financial ...

Australian Police Launch Avarus, a Multi-task Force to fight Money Laundering Explore More

News

Cryptocurrencies Need Regulation to Prevent Money Laundering, Says Singapore Minister

A panel of regulators and bankers at the World Economic Forum stated that cryptocurrency need to ...

Cryptocurrencies Need Regulation to Prevent Money Laundering, Says Singapore Minister Explore More

News

Texans to be Among the Most Affected Nations in Global Cybercrime Operation, Warns FBI

According to the Federal Bureau of Investigation (FBI), Texans are likely to be among nations tha...

Texans to be Among the Most Affected Nations in Global Cybercrime Operation, Warns FBI Explore More

News

“Lack of Face-to-Face Verification is a Risk for FIs”, Reported MAS & ABS

Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (BAS) have publis...

“Lack of Face-to-Face Verification is a Risk for FIs”, Reported MAS & ABS 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

FCA Takes NatWest to Court over Money Laundering Charges

The National Westminster Bank has been accused of neglecting the anti-money laundering regulation...

FCA Takes NatWest to Court over Money Laundering Charges Explore More

News

Shufti Unveils New Product NFC Verification for NFC Based Identity Verification

Shufti has launched a new product, NFC Verification, that uses Near Field Communication techn...

Shufti Unveils New Product NFC Verification for NFC Based Identity Verification Explore More

News

Non-compliant Crypto Accounts will Face Immediate Closure from Banks – Says CBN

Nigerian banks are ordered to track and freeze non-compliant crypto accounts, while banks that fa...

Non-compliant Crypto Accounts will Face Immediate Closure from Banks – Says CBN Explore More

News

FBI Warns of Tech Support Scammers Compromising Financial Accounts

The Boston Division of the Federal Bureau of Investigation (FBI) has warned of an increase in num...

FBI Warns of Tech Support Scammers Compromising Financial Accounts Explore More

News

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines

The Anti Money Laundering Council (AMLC) has reported a steady rise in phishing and hacking attac...

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines 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

Binance Resorts to Shady Crypto Firms as Authorised Options Run Short

Binance, the global crypto exchange leader, retract to shady asset companies as authorised option...

Binance Resorts to Shady Crypto Firms as Authorised Options Run Short Explore More

News

Scotland Police Give Warnings Due to the Rise in Cybercrime

Highland Police is taking a major initiative to warn the businesses of a spike in cybercrime and ...

Scotland Police Give Warnings Due to the Rise in Cybercrime Explore More

News

GIABA Points Out Gaps in Nigeria’s AML/CFT Framework

The GIABA report revealed loopholes in the Nigerian AML/CFT framework and called Nigerian law enf...

GIABA Points Out  Gaps in Nigeria’s AML/CFT Framework Explore More

News

UAE to Issue Federal Licenses to VASPs in Efforts to Embrace Crypto

The UAE is gearing up to issue federal licenses to virtual asset providers (VASPs) within a matte...

UAE to Issue Federal Licenses to VASPs in Efforts to Embrace Crypto Explore More

News

Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’

The Russian government has banned the new website Bits.media for allegations of promoting illicit...

Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’ Explore More

News

Biden’s Administration Announces New Timeline for AML Initiative and Beneficial Ownership Rules

FACT’s anti-money laundering efforts are updated in the Biden Administration’s Spring 2023 Regula...

Biden’s Administration Announces New Timeline for AML Initiative and Beneficial Ownership Rules Explore More

News

Estonian Cryptocurrency Exchange charged for concealing hack

Crex24, an Estonian cryptocurrency exchange, is accused of hiding a hack from its customers after...

Estonian Cryptocurrency Exchange charged for concealing hack Explore More

News

New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela

A Puerto Rican bank has sued the New York Federal Reserve on 25th July for suspending their acces...

New York Federal Reserve Sued by Puerto Rican Bank For Blocking Service in Venezuela 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

1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries

In a major money laundering crackdown, European police identified more than 18,000 money mules, a...

1803 Arrested in Money Laundering Crackdown Coordinated by 27 Countries Explore More

News

Taiwan Bans Four Foreign Banks for Breaching FX Regulations

The Central Bank of Taiwan has penalized four foreign banks for assisting 8 major grain companies...

Taiwan Bans Four Foreign Banks for Breaching FX Regulations Explore More

News

New York’s Attorney General Bent on Shutting Fraudulent Crypto Platform

New York’s attorney general has filed a lawsuit against a cryptocurrency platform, known as Coins...

New York’s Attorney General Bent on Shutting Fraudulent Crypto Platform Explore More

News

PayPal is hiring crypto engineers amid rumors of Bitcoin integration

Crypto and blockchain experts are being hired by Paypal as rumors circulate that the global payme...

PayPal is hiring crypto engineers amid rumors of Bitcoin integration Explore More

News

Crypto Services Approved Under AMLD5 Regulations by the Dutch Central Bank

De Nederlandsche Bank NV (DNB) has permitted AMDAX BV the Central Bank of Netherlands to operate ...

Crypto Services Approved Under AMLD5 Regulations by the Dutch Central Bank Explore More

News

Taiwan Initiates Industry Association to Regulate Cryptocurrency Sector

Nine crypto exchange platforms formed a group to create an industry association to regulate Taiwa...

Taiwan Initiates Industry Association to Regulate Cryptocurrency Sector Explore More

News

Biden Increases 50% Budget for FinCEN to Omit Financial Crimes

President Joe Biden of the USA is pushing a plan for a 50% increase in the budget set aside for t...

Biden Increases 50% Budget for FinCEN to Omit Financial Crimes Explore More

News

US Treasury Holds Back AML Reforms Despite Money Laundering Through Art Industry

The US Treasury Department has found the country’s art market to be vulnerable to financial crime...

US Treasury Holds Back AML Reforms Despite Money Laundering Through Art Industry 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