The Central Bank of the UAE (CBUAE) on Friday imposed financial sanctions on another exchange house for violating rules.

The regulator fined the company Dh1.05 million “for violating its obligation to conduct exchange activities in licensed premises only.”

The company also violated the rule of using an approved cash-in-transit agent when transporting cash, and for failure to immediately report the violations to the Central Bank.

The apex bank didn’t disclose the name of the exchange house.

This is the second exchange house that has been penalised by the Central Bank for not adhering to rules. An exchange house was imposed with a Dh1.925-million fine on Wednesday for failing to obtain letters of no objection from the Central Bank to enter into certain business relationships.

The Central Bank asked all exchange houses, their owners, and staff to abide by UAE laws, regulations, and standards to safeguard the transparency and integrity of the exchange houses’ business.