CBUAE revokes licence of Dollar Exchange house for flouting rules


The Central Bank of the UAE (CBUAE) has revoked the licence of Dollar Exchange after they found "serious regulatory misconduct" during checks.

Failure to maintain the required level of paid-up capital and bank guarantee, and violations related to anti-money laundering (AML) laws were identified, the authority added.

The exchange house was also seen to have a weak compliance framework and failed to comply with its regulatory obligations.

"The time set for submitting an appeal has expired, and an appeal has not been submitted," the CBUAE added.

The name of the exchange house was also removed from the Register.

More from Business

Coming Up on Dubai Eye

  • Entertainment Extra

    1:00pm - 2:00pm

  • Afternoons with Helen Farmer

    2:00pm - 5:00pm

    Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE. Stay up to date with what’s happening and where to go.


On Dubai Eye

  • Innovations in policing top World Police Summit agenda

    The latest breakthroughs in policing, security and public safety are being discussed and exhibited at the World Police Summit (WPS) - the ultimate gathering of security experts from around the world.

  • Dubai schools set for fee increase

    Private schools in Dubai will be able to hike tuition fees by up to 3 per cent for the 2023-24 academic year, according to the Knowledge and Human Development Authority (KHDA).