UAE Central Bank revokes money exchange licences

(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.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Why banking in the Gulf will never be the same again

Why banking in the Gulf will never be the same again

New technologies are emerging in banking and finance at a rapid...

How Gulf SWFs have thrown funding lifeline to tech ventures

How Gulf SWFs have thrown funding lifeline to tech ventures

Saudi Arabia and other Gulf states have ploughed money into hot...

Saudi Arabia signals new investment strategies in $3.5bn Uber deal

Saudi Arabia signals new investment strategies in $3.5bn Uber deal

Deal makes the Public Investment Fund a player in the technology...

Most Discussed
sponsoredTracking