The Central Bank of the UAE (CBUAE) imposed a financial sanction on an exchange house operating in the UAE, pursuant to the Decretal Federal Law No. (14) Of 2018 regarding the Central Bank & Organisation of Financial Institutions and Activities, as amended by Decretal Federal Law No. (25) Of 2020. <\/p>\n\n\n\n
The exchange\nhouse used a civilian vehicle to transport the money instead of using\nCash-in-Transit Agent. By doing so, they violated the CBUAE regulations and\nknowingly put the lives of their employees at risk.<\/p>\n\n\n\n
On 27 June 2021, the CBUAE imposed a fine of AED600,000 on the exchange house for violating obligations to use a Cash-in-Transit Agent when transporting cash, and to report any occurrence material or crucial development to the CBUAE immediately. <\/p>\n\n\n\n
The Exchange\nHouse appealed the sanction within the time limit applicable for appeal. On 28\nNovember 2021, that appeal was rejected and the Central Bank\u2019s procedures have\nbeen concluded.<\/p>\n\n\n\n
The CBUAE,\nthrough its supervisory and regulatory mandates, works to ensure that all\nlicensed financial institutions operating in the UAE, including exchange houses,\nabide by UAE laws, regulations and standards adopted by the CBUAE, to safeguard\nthe transparency and integrity of the exchange houses business and enhancing\nthe efficiency of the UAE financial system.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of the UAE (CBUAE) imposed a financial sanction on an exchange house operating in the UAE, pursuant to the Decretal Federal Law No. (14) Of 2018 regarding the Central Bank & Organisation of Financial Institutions and Activities, as amended by Decretal Federal Law No. (25) Of 2020. The exchange house used a …<\/p>\n","protected":false},"author":2,"featured_media":41718,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-41717","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news"],"_links":{"self":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/41717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/comments?post=41717"}],"version-history":[{"count":1,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/41717\/revisions"}],"predecessor-version":[{"id":41719,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/41717\/revisions\/41719"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media\/41718"}],"wp:attachment":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media?parent=41717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/categories?post=41717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/tags?post=41717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}