The Central\nBank of the UAE (CBUAE) has revoked the licence of Dirham Exchange, an exchange house operating\nin the UAE, and<\/p>\n\n\n\n
struck off\nits name from the Register, and revoked the registration of RMB\nCommercial Brokers Co, a\nHawaladar operating in the country.<\/p>\n\n\n\n
The\nadministrative sanctions followed an appeals procedure, pursuant to Article 137<\/p>\n\n\n\n
of the\nDecretal Federal Law No. (14) of 2018 regarding the Central Bank Organisation\nof Financial Institutions and Activities and article 14 of the Federal\nDecree Law No. (20) of\n2018 on Combating Money Laundering Crimes, the Financing of Terrorism and the\nFinancing of Illegal Organisations.<\/p>\n\n\n\n
The\nadministrative sanctions are the result of the examinations\u2019 findings conducted\nby the CBUAE, revealing\nserious regulatory misconduct, including AML misconduct and collusion in evading CBUAE\u2019s\ninstructions to the exchange house not to engage in remittance transactions with\ncertain countries. The findings showed that they had a weak compliance framework and\nfailed to comply with their regulatory obligations and to report regulatory breaches to\nthe CBUAE.<\/p>\n\n\n\n
The CBUAE,\nthrough its supervisory and regulatory mandates, works to ensure that all\nexchange houses, their owners and employees and Hawaladars abide by the UAE\nlaws, regulations and standards adopted by the CBUAE to safeguard the transparency\nand integrity of the UAE financial system.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of the UAE (CBUAE) has revoked the licence of Dirham Exchange, an exchange house operating in the UAE, and struck off its name from the Register, and revoked the registration of RMB Commercial Brokers Co, a Hawaladar operating in the country. The administrative sanctions followed an appeals procedure, pursuant to Article 137 …<\/p>\n","protected":false},"author":5,"featured_media":54808,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-55006","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news"],"_links":{"self":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/55006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/comments?post=55006"}],"version-history":[{"count":1,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/55006\/revisions"}],"predecessor-version":[{"id":55007,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/55006\/revisions\/55007"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media\/54808"}],"wp:attachment":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media?parent=55006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/categories?post=55006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/tags?post=55006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}