The Central Bank of the UAE (CBUAE) has suspended the operations of Al Razouki Exchange for a period of three years due to non-compliance with anti-money laundering regulations, as announced on Friday.
Two of the company's branches have also been closed. The exchange house was found to have neglected its responsibilities under the federal decree-law concerning anti-money laundering and the financing of terrorism and illegal organizations, according to a CBUAE investigation.
The CBUAE, through its supervisory and regulatory functions, is committed to ensuring that all exchange houses, along with their owners and staff, adhere to UAE laws and regulations. Rigorous standards are implemented to maintain the transparency and integrity of the exchange houses' operations and the UAE's financial system.
Source link: https://www.khaleejtimes.com
