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UAE Central Bank revokes Dollar Exchange's licence for serious violations

This is the second such occurrence this week as the regulator takes a stand against companies failing to adhere to regulatory, anti-money laundering laws

Published: Tue 28 Feb 2023, 10:08 AM

Updated: Tue 28 Feb 2023, 3:51 PM

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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 violations related to anti-money laundering (AML) and failing to maintain the required level of paid-up capital.

This is the second exchange house whose licence has been revoked this week as the regulator takes a stand against companies failing to adhere to regulatory and AML laws.

On Monday, the Central Bank revoked the licence of Al Rasheed exchange also for “serious regulatory misconduct.”

Central Bank said its findings revealed serious regulatory misconduct by the Dollar Exchange.

“The exchange failed to maintain the required level of paid-up capital and bank guarantee and to have been in default of equity obligations.”

It further added that the exchange house was found to have engaged in serious anti-money laundering misconduct.

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

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