UAE exchange house fined for flouting rules

Friday, 9 December 2022 at 11:26

By ARN News Staff

The Central Bank of the UAE (CBUAE) has imposed a fine of AED 1.05 million on an exchange house for violating rules.

According to the national news agency WAM, the exchange house carried out transactions in unlicensed premises.

It also violated rules around using an "approved cash-in-transit agent when transporting cash" and had delayed reporting the violations to the CBUAE.

It's part of efforts by the authorities to ensure "all exchange houses, owners and staff abide by the UAE laws" that's set "to safeguard the transparency and integrity of the exchange houses’ business and the UAE financial system".

More from Local News

H.H. Sheikh Hamdan approves Dubai Metro extension to Al Maktoum Airport

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, has announced the approval of AED 2 billion Dubai Metro extension project to Al Maktoum International Airport, with operations set to begin in 2031.
UAE President highlights nation's resilience during 'recent challenges'

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has highlighted the nation's "enduring unity, strength, and resolve" in addressing "recent challenges" during the Annual Government Meetings.
H.H. Sheikh Khaled approves second package of Emirati Family Growth Programme

His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has underscored that Emirati families will remain central to the UAE’s development journey while approving the second package of Numou.
Sheikh Abdullah attends third round of Russia-Ukraine-US trilateral talks

Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, has expressed hope that the third round of trilateral talks between Russia, Ukraine and the US in Abu Dhabi will offer "practical steps towards ending a crisis".
H.H. Sheikh Mohammed directs tents for 50,000 Gazans facing harsh weather

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has directed the distribution of tents to shelter 50,000 people in the Gaza Strip as the rainy winter season sets in.
UAE postpones vehicle licensing limit for residents

The UAE Ministry of Interior has postponed the introduction of a limit on the number of vehicles residents can license, pending a further review of the proposed regulations.
UAE Government Annual Meetings key to reviewing national priorities

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has described the UAE Government Annual Meetings as an important opportunity to review national priorities, assess government performance and address key challenges.
New pedestrian bridge links Dubai Mall Metro Station and Coca-Cola Arena

A new pedestrian bridge linking Burj Khalifa/Dubai Mall Metro Station with Coca-Cola Arena at City Walk is set to open on Tuesday, improving access to the area and helping manage crowds during major events.
High-achieving Union teams honoured at UAE Government Annual Meetings

High-achieving Union teams have been honoured for their readiness and contribution to protecting the UAE community and safeguarding national achievements.
Al Gergawi: UAE accelerates development with over AED 4 trillion in projects

More than AED 4 trillion worth of vital projects are currently underway across the UAE as the country continues efforts to strengthen its economy and accelerate development.
Abu Dhabi launches lifestyle programme to help citizens get healthier

Abu Dhabi has launched a 24-week programme to empower eligible nationals in the Emirate to make lifestyle changes that will reduce health risks before they develop into chronic conditions.
UAE's foreign trade approaches record AED 3 trillion mark in nine months

The UAE's foreign trade has approached a record AED 3 trillion during the first nine months of 2026, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced on Sunday.
5 Esaad cards up for grabs in Dubai Police's 5-week traffic contest

Dubai Police has launched an awareness competition to educate the public about the traffic laws, while giving them a chance to win an "Esaad" discount card.
Nominations open for Aster Guardians Global Nursing Award

Aster DM Healthcare has announced the launch of the sixth edition of the Aster Guardians Global Nursing Award, inviting registered nurses worldwide to showcase their contributions to healthcare and compete for a prize of $250,000.
Dubai Police warns against using phones while driving after four-way crash

Dubai Police has warned drivers of the dangers of using mobile phones while driving following a four-way crash that left two people injured.
RTA opens 1,650-metre Al Khaleej Street Tunnel

Dubai’s Roads and Transport Authority (RTA) has opened the Al Khaleej Street Tunnel on Sunday under the Al Shindagha Corridor Improvement Project.
Sharjah Ruler allocates AED 4.5 million to stock libraries with book fair collection

His Highness Sheikh Dr Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, has allocated AED 4.5 million to stock local libraries with the collection unveiled at the Sharjah International Book Fair.
UAE expresses solidarity with Egypt over train collision

The UAE has expressed its solidarity with Egypt following a collision between two trains in south of Cairo that killed 7 people and injured 112 others on Sunday.
UAE President sends Diwali greetings in special message

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has congratulated all communities celebrating Diwali, the Indian festival of lights, in the UAE and worldwide.
UAE National Guard rescues 22 from cargo ship fire in Sea of Oman

The UAE National Guard announced on Sunday it rescued 22 crew members from a fire that broke out aboard a cargo ship in the Sea of Oman.

News

H.H. Sheikh Hamdan approves Dubai Metro extension to Al Maktoum Airport
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, has announced the approval of AED 2 billion Dubai Metro extension project to Al Maktoum International Airport, with operations set to begin in 2031.
UAE President highlights nation's resilience during 'recent challenges'
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has highlighted the nation's "enduring unity, strength, and resolve" in addressing "recent challenges" during the Annual Government Meetings.
H.H. Sheikh Khaled approves second package of Emirati Family Growth Programme
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has underscored that Emirati families will remain central to the UAE’s development journey while approving the second package of Numou.

UAE exchange house fined for flouting rules

More from Local News

News

Our Shows

Quick Links

Listen on the Go

UAE exchange house fined for flouting rules

Share

More from Local News

News

Our Shows

Quick Links

Listen on the Go