UAE exchange house fined for flouting rules

The Central Bank of the UAE (CBUAE) has imposed a fine of AED 1.05 million on an exchange house for violating rules.

According to the national news agency WAM, the exchange house carried out transactions in unlicensed premises.

It also violated rules around using an "approved cash-in-transit agent when transporting cash" and had delayed reporting the violations to the CBUAE.   

It's part of efforts by the authorities to ensure "all exchange houses, owners and staff abide by the UAE laws" that's set "to safeguard the transparency and integrity of the exchange houses’ business and the UAE financial system".