UAE Central Bank imposes sanctions on exchange house

Wednesday, 31 August 2022 20:17

By ARN News Staff

The Central Bank of the UAE (CBUAE) has imposed administrative sanctions on the owner and general manager of an exchange house for flouting rules.

The decision was taken after an investigation conducted by the Central Bank revealed that the exchange house had rented out its licence.

The Central Bank banned the the general manager from undertaking any designated function at any licensed financial institution other than the exchange house for a year, and instructed the owner to take necessary actions to rectify the violation.

It also prohibited the exchange house from conducting any operations and activities until the remediation is complete.

More from UAE News

Abdullah bin Zayed discusses regional security with Czech PM in Prague

His Highness Sheikh Abdullah bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Foreign Affairs, has met Czech Prime Minister Andrej Babiš during a working visit to Prague.
UAE, Serbia expand food security and agriculture partnership

The UAE and Serbia have discussed expanding cooperation in food security, agriculture and sustainable development during an official visit to Belgrade by UAE Climate Change and Environment Minister Dr Amna Al Dahak.
Uzbekistan launches 'Uzbek Reading Challenge' inspired by UAE

Uzbek President Shavkat Mirziyoyev has launched the Uzbek Reading Challenge, an extension of the Arab Reading Challenge that was introduced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai.
Dubai Police returns lost bag with silver bars worth AED 2 million

The General Department of Airport Security at Dubai Police has successfully returned a handbag containing silver bars valued at approximately AED 2 million to a passenger, following intensive efforts by the authority at DXB's Terminal 1.