In January 2021, the Central Bank of the UAE (CBUAE) imposed sanctions on a non-authorized individual related to a UAE-based exchange house. The sanctions came due to the individual’s violation of the country’s AML/CFT law.
The CBUAE is the regulatory authority of exchange houses in the UAE, responsible for overseeing and ensuring compliance with laws. The prosecuted individual was performing a function without obtaining the mandatory approval from the CBUAE.
The CBUAE imposed a financial sanction of AED 600,000 ($163,354) on the individual. The CBUAE further banned him from functioning in a UAE-licensed financial institution in the future.
Source: Central Bank of the UAE