Khaleej Times, Tuesday, Feb 28, 2023 | Sha'ban 08, 1444
UAE Central Bank revokes Dollar Exchange's licence for serious violations
Emirates:
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This is the second exchange house whose licence has been revoked this week as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.