The UAE central bank on Wednesday has imposed administrative sanctions on an exchange house and its owner.
The bank found that the exchange house was renting out its licence, it said in a statement on Wam.
The unnamed exchange house has been suspended “until the remediation is complete.” Its owner and general manager has also been prohibited to join any financial institution in the UAE for a year.
“The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards adopted by the Central Bank,” the regulator said.
The new sanctions come as the UAE doubles down on its efforts to improve its financial system – which include implementing stricter policies for financial firms.
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