UAE regulator slaps $1.3m fine on forex broker

By Andrei Skvarsky.

The United Arab Emirates’ central bank has imposed a fine of 4.8m dirhams ($1.3m) on a foreign exchange broker for “weak” mechanisms to fight money laundering and the financing of terrorism.

An inspection showed the exchange house to have “a weak compliance framework regarding the required risk analysis and due… diligence policies and procedures to prevent money laundering and the financing of terrorism”, the regulator said in a statement without naming the broker or providing any details.

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