Move comes after a special examination of the firm by the central bank
The central bank of the United Arab Emirates on Monday said it had revoked the licence of local money exchange firm Al Zarooni Exchange due to anti-money laundering compliance violations.
The licence has been revoked with effect from January 10, 2016, and comes after a special examination of the firm, the Central Bank said in a statement.
Al Zarooni was initially suspended on November 10, 2015 from conducting business in remittances, currency exchange and payment of wages, the statement added.
The US Treasury said on November 12 it had imposed sanctions on the Altaf Khanani Money Laundering Organization and its Dubai-based supporter, the Al Zarooni Exchange, for laundering money for criminals and political extremists.