UAE Central Bank revokes money exchange licences

Two Dubai exchange houses stripped of licences following regulation violations

(Photo for illustrative purposes only)

(Photo for illustrative purposes only)

The UAE’s Central Bank has revoked the licences of two Dubai-based money exchange houses for violating financial regulations.

In a statement, the central bank said that Al Hilal Exchange had “major regulatory and anti-money laundering compliance violations”, while Asia Exchange Centre had made “major regulatory violations”.

''Based on revocation of the licences, the two companies were prohibited from conducting any activities relating to remittances or currency exchange from date,” the statement said, adding that the decision was effective immediately.

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