- Home
- Middle East
- UAE
- CBUAE fines exchange house AED600,000 for using civilian vehicle to transport money
CBUAE Fines Exchange House AED600,000 For Using Civilian Vehicle To Transport Money
Sumaira FH Published December 30, 2021 | 01:00 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 30th Dec, 2021) The Central Bank of the UAE (CBUAE) has 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 and Organisation of Financial Institutions and Activities, as amended by Decretal Federal Law no. 25 of 2020.
The exchange house used a civilian vehicle to transport the money instead of using Cash-in-Transit Agent. By doing so, they violated the CBUAE regulations and knowingly put the lives of their employees at risk.
On 27th 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.
The Exchange House appealed the sanction within the time limit applicable for appeal. On 28th November 2021, that appeal was rejected and the Central Bank’s procedures have been concluded.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all licensed financial institutions operating in the UAE, including exchange houses, abide by UAE laws, regulations and standards adopted by the CBUAE, to safeguard the transparency and integrity of the exchange houses business and enhancing the efficiency of the UAE financial system.
Recent Stories
Pakistan marks World Press Freedom Day
High-level Saudi business delegation due on May 5
Stocks heat up as US labour market cools
President approves Tax Laws (Amendment) Bill 2024
Implementation of merit, justice to oppressed segments top priorities: CPO
Overseas Kashmir community delegation calls on AJK President, discusses latest s ..
Govt believes in freedom of press: Amir Muqam
Labour urges UK election after Tory losses
Health authorities asked for action against alleged illegal tenders at Services ..
Spain scraps national bullfighting prize sparking debate
Lahore High Court (LHC) Chief Justice Malik Shahzad Ahmad Khan visits Rawalpindi ..
ATC extends interim bail of PTI founder in 3 cases
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago