Banking and Finance UAE exchange houses fined over money laundering failings By Pramod Kumar June 10, 2025, 3:46 PM Shutterstock The fines were imposed based on the findings of investigations conducted by the Central Bank of the UAE Six houses penalised Central Bank enforces rules UAE fights illicit finance The Central Bank of the UAE has imposed financial penalties on six exchange houses in the UAE for failing to comply with anti-money laundering controls. The exchange houses, whose names were not revealed, were fined AED12.3 million ($3.4 million), the central bank said in a statement. The sanctions were imposed based on the findings of investigations conducted by the central bank, which revealed the violations and failures to comply with the anti-money laundering/countering the financing of terrorism framework. In December 2024 Dubai busted two major international networks conducting money laundering operations worth a total of AED641 million. UAE likely to escape FATF grey list this month Abu Dhabi fines crypto company $13m for ‘serious’ violations UAE capital markets are well placed for a stellar year In February 2024 the Financial Action Task Force (FATF) removed the UAE from its so-called grey list, in recognition of the Gulf state’s efforts to curb illicit financial flows. The FATF – an intergovernmental organisation established to combat money laundering and terrorist financing – placed the Gulf state under enhanced supervision, known as the grey list, in March 2022, citing weaknesses in systems to fight financial crime and combat the financing of terrorism. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
