UAE Ministry of Economy Fines 137 Companies $17.9 Million for Failure to Comply with Money-Laundering & Combat Financing of Terrorism, Total of 831 Breaches
7th July 2023 | Hong Kong
The UAE (United Arab Emirates) Ministry of Economy has fined 137 companies $17.9 million (Dh 65.9 million) for failure to comply with money-laundering & combat financing of terrorism regulations, with a total of 831 breaches including failing to establish internal policies & procedures (Eg. verify customer databases & transactions against list of terrorism). The 137 companies fined are non-financial business or professions (DNFBP) sector companies, including real estate agents & brokers, precious metals & gemstone dealers, auditors & corporate service providers.
” UAE Ministry of Economy Fines 137 Companies $17.9 Million for Failure to Comply with Money-Laundering & Combat Financing of Terrorism, Total of 831 Breaches “
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