The exchange houses violated Central Bank’s regulations, including anti-money laundering regulations
Central Bank of the UAE announced that it has decided to downgrade the license of the following exchange houses to deal in sale and purchase of foreign currencies and travelers cheques only: Taher Exchange Est.; Al Hadha Exchange LLC; Al Hemriya Exchange Company LPC; Dubai Express Exchange; Sanaa Exchange; Cosmos Exchange; and Bin Bakheet Exchange Est.
As the above exchange houses violated Central Bank’s regulations, including Anti-Money Laundering regulations.
Based on this decision, the above exchange houses are prohibited from conducting any activities relating to remittances or payment of wages. This decision comes after the failure of these exchange houses to regularise their status during the grace period granted by the Central Bank.
The Central Bank confirms that it will not tolerate violations of financial institutions to its regulations and instructions, and the Central Bank alerts not to remit funds or pay of wages via the above exchange houses.