The Central Bank of the UAE has downgraded the licenses of seven foreign exchange houses over failure to comply with anti-money laundering regulations.
The exchanges will now only be able to deal in the sale and purchase of foreign currencies and travellers cheques. The Central Bank urged customers not to attempt to remit funds or pay wages through any of the organisations.
“Based on this decision, the exchange houses were prohibited from conducting any activities relating to remittances or payment of wages,” read a Central Bank statement.
“This decision comes after the failure of these exchange houses to regularise their status during the grace period granted by the Central Bank.”
Here are the organisations that are no longer allowed to remit funds or pay wages:
- Taher Exchange Est.
- Al Hadha Exchange LLC
- Al Hemriya Exchange Company LPC
- Dubai Express Exchange
- Sanaa Exchange
- Cosmos Exchange
- Bin Bakheet Exchange Est.