UAE shuts two money exchange firms over violations
Dubai, May 9, 2013
The UAE, a major financial hub in the Middle East, has revoked the licences of two money exchange companies for non-compliance with regulations including rules against money laundering, the central bank said on Wednesday.
The companies were identified as Al Hilal Exchange and Asia Exchange Centre.
"The first company had major regulatory and anti-money laundering compliance violations and the second company had major regulatory violations," a central bank statement said without elaborating. Central bank officials did not return calls seeking further comment.
The UAE, a major oil exporter, has more expatriate workers than nationals, and the foreigners use exchange houses to remit money home. There are 114 money exchange firms in the country, according to the central bank's website.-Reuters
More Government & Laws Stories
- Postal rates rise 300pc in Bahrain
- Qatar denies Syria 'contact'
- Iran to take part in security forum
- GCC security bolstered by Royal grant
- Egypt to pay $1.5bn arrears to foreign oil firms
- Charles Russell opens Qatar office
- Egypt delays decision on $4.8bn IMF loan
- UAE, Netherlands sign investments deal
- Iran sees no big 2014 oil exports recovery
- Egypt ‘returned $500m deposit to Qatar’