UAE Central Bank revokes the licence of dollar exchange house

STOCK Central Bank of the UAE CBUAE — The CBUAE works to ensure that all exchange houses abide by the UAE laws. Image Credit: Courtesy Central Bank of the UAE

Dubai: The Central Bank of the UAE (CBUAE) on Tuesday said it revoked the licence of dollar exchange and struck off its name from the Register for serious AML misconduct and failing to maintain the required level of paid up capital.

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“The findings showed that the exchange house had a weak compliance framework and had failed to comply with its regulatory obligations,” it said in a statement. “The time set for submitting an appeal has expired and an appeal has not been submitted.”

This is the second exchange house whose licence has been revoked this week. On Monday, the regulator revoked the licence of Al Rasheed exchange also for “serious regulatory misconduct.”