The UAE's central bank has imposed a 600,000-dirham ($163,376) fine on a local exchange house for violating regulations relating to transporting money.  

The Central Bank of the UAE said the unnamed exchange house used a civilian vehicle to transport the money instead of using Cash-in-Transit Agent, thereby violating the regulations and "knowingly put the lives of their employees at risk". 

Although the exchange appealed the sanction, the central bank rejected the appeal, it said in a statement on Thursday. 

Last week, the regulator fined an exchange house for failing to comply with anti-money laundering regulations. 

The UAE has in recent months beefed up regulations targeted at banks and financial institutions to combat and prevent money laundering. Earlier this year, the government set up an Executive Office for Anti-Money Laundering and Counter Terrorism Financing.  In August, Dubai set up a specialist court to hear cases relating to money laundering and financial crime. 

(Writing by Brinda Darasha; editing by Imogen Lillywhite)  

brinda.darasha@lseg.com 

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