Seven UAE exchange houses have licenses downgraded

Central Bank says the remittance services violated regulations
Seven UAE exchange houses have licenses downgraded
By Jeremy Lawrence
Mon 11 Jun 2018 12:46 PM

The UAE Central Bank has downgraded the license of seven exchange houses.

The Central Bank said they had violated regulations, including anti-money laundering measures.

Based on this decision, the exchange houses will be prohibited from any activities relating to remittances or payment of wages. They will only be allowed to deal in the sale and purchase of foreign currencies and travellers cheques.

This decision comes after the failure of the exchange houses to regularise their status during the grace period granted by the Central Bank.

The Central Bank confirmed in a statement released today that it will not tolerate violations of financial institutions to its regulations and instructions.

The seven exchange houses are:

Taher Exchange
Al Hadha Exchange
Al Hemriya Exchange
Dubai Express Exchange
Sanaa Exchange
Cosmos Exchange
Bin Bakheet Exchange

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.