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A fine of 600 thousand dirhams on an exchange company that transported money in a civilian car

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The Central Bank of the Emirates imposed a financial penalty on a money exchange company operating in the country, pursuant to the provisions of Article No. (14) of the Federal Decree-Law of 2018, relating to the Central Bank and the Regulation of Financial Institutions and Activities, as amended by Federal Decree Law No. (25) of 2020.

The exchange company used a civilian car to transport money instead of a private company to transport money, which is a violation of the law, in addition to endangering the lives of employees working in the company.

As a result, on June 27, 2021, the Central Bank imposed a fine of 600,000 dirhams on the violating exchange company for violating the obligations related to the transfer of funds and to inform the Central Bank immediately of any material and material developments.

The exchange company submitted a request to appeal the aforementioned penalty within the specified period, but the Central Bank, as a result of the specific violations, rejected the request submitted on November 28, 2021, thus completing all procedures.

The Central Bank, through its supervisory and supervisory functions, works to ensure that all licensed financial institutions operating in the UAE, including exchange companies, comply with the laws and legislations in force in the country and the regulations and standards approved by it, with the aim of maintaining the transparency and integrity of the work of exchange companies and enhancing the efficiency of the financial system in the country.

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