Exchange house in UAE fined Dhs504,000 by Central Bank
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The exchange house reportedly has a weak anti-money laundering and combating financing of terrorism compliance framework
by Gulf Business
February 11, 2021
The Central Bank of the UAE (CBUAE) said on Wednesday that it had fined an exchange house operating in the country Dhs504,000.
The exchange house reportedly has a weak anti-money laundering and combating financing of terrorism compliance framework.
The CBUAE also took into consideration the exchange house’s poor compliance history when imposing the fine.
Prism, RSP appoint Matrix for financial compliance at Finablr
ABU DHABI, February 8, 2021 The consortium of Prism Group and Abu Dhabi’s Royal Strategic Partners (RSP) has appointed technology solutions firm Matrix International Financial Services to advise on financial compliance and fraud prevention measures at Finablr and its subsidiaries. Matrix is one of the world’s leading specialists in providing business and technology solutions for the complex needs of the global financial industry and capital markets. Its expertise includes devising and implementing fraud prevention strategies, advising on measures to tackle financial crime and introducing comprehensive anti-money laundering policies. Matrix will work with Prism Group AG to introduce efficient and effective financial crime systems and processes across the Group.
Prism Group s Swiss subsidiary Global Fintech Investments and Abu Dhabi s Royal Strategic Partners signed a share purchase agreement to buy Finablr, which is listed on the London Stock Exchange, in December.
Finablr, whose companies include the UAE Exchange, Xpress Money, Bayan Pay, Remit2India and Unimoni brands, is being restructured after the group reported undiscovered liabilities in May last year that mean its debts were $1 billion higher than the $334 million reported in its last filed accounts for the year to June 30, 2019.
The company s former owner, BR Shetty, has claimed he is the victim of a fraud perpetrated by former managers, who forged cheques and other documents without his knowledge.