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UAE money exchange house fined $163.000 for transporting cash in civilian car

Christian Fernsby |
A money exchange company in the UAE has been fined Dh600,000 ($163,000)for transporting money in a civilian car rather than a security van by a licensed cash transport company.

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The UAE Central Bank fined the money exchange house for violating its rules on transparent and secure fund transfer activities in the emirate.

The exchange house challenged the penalty, but the Central Bank turned down its appeal.

According to the UAE Central Bank, the exchange company violated security obligations and also put the lives of its employees at risk.

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