UAE: Trade home fined Dh600,000 for illegally transporting money, risking staff’ lives – Information


Firm’s attraction on the sanction was rejected by the Central Financial institution



By WAM

Revealed: Thu 30 Dec 2021, 12:38 PM

Final up to date: Thu 30 Dec 2021, 12:49 PM

The Central Financial institution of the UAE (CBUAE) has imposed a monetary sanction on an alternate home working within the UAE, pursuant to the Decretal Federal Legislation no.14 of 2018 concerning the Central Financial institution and Organisation of Monetary Establishments and Actions, as amended by Decretal Federal Legislation no. 25 of 2020.

The alternate home used a civilian car to move the cash as a substitute of utilizing Money-in-Transit Agent. By doing so, they violated the CBUAE rules and knowingly put the lives of their staff in danger.

On June 27, 2021, the CBUAE imposed a advantageous of Dh600,000 on the alternate home for violating obligations to make use of a Money-in-Transit Agent when transporting money, and to report any incidence materials or essential growth to the CBUAE instantly.

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The Trade Home appealed the sanction inside the time restrict relevant for attraction. On November 28, 2021, that attraction was rejected and the Central Financial institution’s procedures have been concluded.

The CBUAE, by its supervisory and regulatory mandates, works to make sure that all licensed monetary establishments working within the UAE, together with alternate homes, abide by UAE legal guidelines, rules and requirements adopted by the CBUAE, to safeguard the transparency and integrity of the alternate homes enterprise and enhancing the effectivity of the UAE monetary system.



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