UAE Central Bank imposes sanctions on exchange house for renting out licence
The exchange house has been barred from conducting business until the issue is resolved
Abu Dhabi: The Central Bank of the UAE has imposed administrative sanctions on the owner and general manager of an exchange house operating in the country, it said on Wednesday.
The sanctions were slapped after it was found that the exchange house had rented out its licence.
Accordingly, the Central Bank instructed the owner to take necessary steps to rectify the violation, and prohibited the exchange house from conducting any operations until the corrective measures were implemented.
The CBUAE also prohibited the general manager from undertaking any designated function at any licenced financial institution in the country other than the exchange house in question for one year.
“The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the exchange houses’ business and the UAE financial system,” the regulator said.