KHALEEJ TIMES, Saturday, Jan 01, 2022 | Jumada Al-Uola 26, 1443
UAE: Exchange house fined Dh600,000 for illegally transporting cash, risking employees' lives
Emirates:
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 June 27, 2021, the CBUAE imposed a fine of
Dh600,000 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 November 28, 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.