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UAE: Central Bank suspends Al Razouki Exchange, closes down 2 of its branches

Investigations show that the money exchange business violated anti-money laundering rules

Published: Fri 22 Nov 2024, 11:07 AM

Updated: Fri 22 Nov 2024, 11:27 AM

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Photo: File

Photo: File

The Central Bank of the UAE (CBUAE) has suspended the business of Al Razouki Exchange for three years due to violations of anti-money laundering law, it was announced on Friday. Two of the company's branches were also shut.

The money exchange house failed to fulfil its obligations under the federal decree-law on anti-money laundering and combating the financing of terrorism and illegal organisations, a CBUAE investigation revealed.

The CBUAE — through its supervisory and regulatory mandates — works to ensure that all exchange houses, their owners and staff abide by the UAE laws and regulations. Strict standards are in place to safeguard the transparency and integrity of the exchange houses’ business and the UAE financial system.

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