CBUAE revokes licence of Dollar Exchange house for flouting rules

Tuesday, 28 February 2023 10:55

By ARN News Staff

The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange after they found "serious regulatory misconduct" during checks.

Failure to maintain the required level of paid-up capital and bank guarantee, and violations related to anti-money laundering (AML) laws were identified, the authority added.

The exchange house was also seen to have a weak compliance framework and failed to comply with its regulatory obligations.

"The time set for submitting an appeal has expired, and an appeal has not been submitted," the CBUAE added.

The name of the exchange house was also removed from the Register.

More from Business

75,000 tourists welcomed during Dubai summer campaign

As many as 75,000 people have visited the UAE under the 'Dubai Invite' campaign, which targeted non-residents with rewards of up to AED 3,000 in hotel stays, dining deals, and more.
China's Huawei sets 2027 launch for new AI chips as it targets Nvidia

Huawei Technologies will launch two new artificial-intelligence semiconductors in 2027, rotating chairman David Wang said on Thursday, as the Chinese tech giant builds up its AI computing business and seeks to challenge USchipmaker Nvidia.
Arab Monetary Fund marks Golden Jubilee in Abu Dhabi

The Arab Monetary Fund will mark its Golden Jubilee in Abu Dhabi on September 28, alongside the 17th Ordinary Session of the Council of Arab Finance Ministers.
Aster to invest in International Modern Hospital under AED1bn UAE expansion plan

Aster DM Healthcare will invest in International Modern Hospital (IMH), under the healthcare provider's 5-year UAE expansion plans valued at more than AED1 billion.