6 reference operators caught in UAE, fined millions of dirhams

The central bank has imposed a fine of 350,000 dirhams on six reference operators for violating the country’s anti-money laundering and terrorism and financing laws for illegal organizations.

Abu Dhabi (Urdu Point latest newspaper. December 16, 2021) 6 reference operators were caught in the United Arab Emirates, who were fined millions of dirhams. According to the Gulf Times, the UAE’s central bank has imposed a fine of 350,000 dirhams on six hawala operators for violating the country’s anti-money laundering and financing laws for terrorism and illegal organizations. Those fined for not registering on the regulator’s reporting system on time, the central bank imposed a financial penalty of 50,000 dirhams on each, including a double fine on a reference provider with similar breach of advance. went.
The central bank gave all registered reference providers operating in the UAE sufficient time to register on the GoAML system, which was informed that further delays could result in penalties under the AML / CFT law, a statement said. shall be.
It should be noted that referral is a traditional money transfer system under which the money is paid to an agent who directs a partner in the respective country or region to make payment to the final recipient, no record of these transactions. Are not maintained, so funds can be misused for money laundering and terrorist financing.

In November 2020, the central bank urged unregistered referral providers operating in the UAE to formally register and obtain a certificate before December 2, 2020. Will take action against The regulator has tightened its anti-money laundering and anti-terrorism financing regulations as part of the Financial Action Task Force (FATF) framework, the UAE’s central bank has said. AML / CFT was fined 19.5 million dirhams for violating the rules while asking all referral service providers to abide by UAE laws and central bank regulations and standards to ensure transparency in their transactions. And protect integrity.

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