Dubai: The operations of Al Razouki Exchange in the UAE have been suspended for a three-year period by the Central Bank of the UAE.
The decision also leads to the closing of two of the company's branches in Dubai. These measures were taken under the laws related to Anti-money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.
"The administrative sanctions imposed are the result of the findings of a special examination conducted by the CBUAE," said a statement. "The examination revealed that the exchange house had failed in its AML/CFT obligations."
The UAE banking regulator has been operating on a zero tolerance approach on licensed entities conforming to anti-money laundering and allied rules. Multiple businesses had been penalised in the recent past, but the latest one represents one of the heavier penalties that have been imposed.
