UAE Central Bank revokes license of Dirham Exchange for ‘weak compliance’
Regulator cites weak compliance for latest action taken in enforcing rules
Dubai: In another crackdown on non-compliance in the financial services sector, the UAE Central Bank has revoked the licence of Dirham Exchange.
As part of the action taken, Dirham Exchange’s name has been struck off from the Register. The regulator also revoked the registration of RMB Commercial Brokers Co, a Hawaladar operating in the country.
The ‘administrative sanctions followed an appeals procedure’.
The findings showed that they had a weak compliance framework and failed to comply with their regulatory obligations and to report regulatory breaches to the CBUAE.
Plus, 'findings conducted by the CBUAE, revealing serious regulatory misconduct, including AML misconduct, and collusion in evading CBUAE’s instructions to the exchange house not to engage in remittance transactions with certain countries' the statement added.
“The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and employees and Hawaladars abide by UAE laws, regulations and standards to safeguard the transparency and integrity of the UAE financial system,” the regulator added.