UAE bureau de change fined Dh600,000 for transporting money in civilian car
Dubai: The Central Bank of the United Arab Emirates fined a local money changer Dh600,000 for transporting money in an ordinary civilian vehicle rather than hiring a licensed cash transport company.
This is part of a more stringent compliance requirement that the UAE regulator has placed on financial institutions, including brokerage houses, to ensure the transparency and integrity of brokerage firms’ activities and to improve transparency. efficiency of the country’s financial system.
The exchange company used a civilian car to transport money instead of a licensed money transport company, in violation of the provisions of Federal Law No. 14 of 2018 regarding the Central Bank and the organization of financial institutions and activities, thus putting the lives of employees at work in the company at risk.
The Central Bank fined the exchange company for violating security obligations related to foreign exchange activities and the transfer of funds within and outside the country, as well as for failing to notify the Central Bank of any substantial development.
The exchange house challenged the sanction but its appeal was rejected by the Central Bank.