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

These administrative measures were taken pursuant to Article 14 of the AML/CFT Law, it said

Published: Fri 22 Nov 2024, 11:07 AM

Updated: Fri 22 Nov 2024, 11:06 PM

By
Web Desk

Photo: File

The Central Bank of the UAE (CBUAE) has suspended the currency exchange system of Al Razouki Exchange, an Exchange House operating in the UAE, for a period of three years and has closed its branches in Deira and Al Murar.

These administrative measures were taken pursuant to Article 14 of the AML/CFT Law.

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

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