ARN News Centre

UAE Central Bank suspends currency exchange system of Al Razouki Exchange

Friday, 22 November 2024 15:13

By ARN News Staff

The Central Bank of the UAE (CBUAE) has taken action against Al Razouki Exchange, suspending its currency exchange system for three years and shutting down its branches in Dubai's Deira and Al Murar areas.

These administrative measures were taken in accordance with Article 14 of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) law.

CBUAE said it continues to ensure that all exchange houses, along with their owners and staff, comply with UAE laws and regulations.

This is part of ongoing efforts to maintain transparency and integrity within the country's financial system.

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