The Central Bank of UAE imposed financial sanctions on six Hawala providers in the country.
It comes as a part of the UAE's efforts to curb Money Laundering and Combat the Financing of Illegal Organisations.
The fine was issued under Article 14 of the Federal Decree Law No. (20) of 2018 on Anti Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations (AML/CFT).
The Central Bank, in a statement, said that it allowed "ample time for all registered Hawala providers operating in the UAE to register on the GoAML system," and that they were informed that further delays would result in "penalties under the AML/CFT Law."
The providers failed to register on the GoAML reporting system which was mandated by the authority in March, this year.
The total fine levied for the violation was AED 350,000.
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