Media ININ Economy We Trust
Abu Dhabi, on February 28, the Central Bank of the United Arab Emirates revoked the license of the Dollar Exchange Company operating in the country, and its name was removed from the register, in accordance with the provisions of Article 137 of Federal Decree-Law No. (14) of 2018 regarding the Central Bank and the regulation of financial facilities and activities.
The penalty comes as a result of the Central Bank’s inspection, which revealed high-stakes organizational misconduct by the exchange company.
It was found that the company failed to maintain the required level of paid-up capital and bank guarantees, and also failed to secure equity obligations.
The results also revealed that the company was involved in high-risk misconduct with regard to countering money laundering, and that the company’s compliance framework was weak, in addition to its failure to comply with its regulatory obligations.
The time period for filing an appeal against the said decision has passed, and it has not been submitted.
The Central Bank of the United Arab Emirates, through its oversight and supervisory functions, works to ensure that all exchange companies, their owners and employees comply with the laws in force in the country and the regulations and standards approved by the Central Bank, with the aim of preserving the transparency and integrity of the work of exchange companies and protecting the country’s financial system.
