UAE shuts down 2 money exchange firms

The UAE Central Bank said on Wednesday it had shut two money exchange companies for violating laws, including involvement in money laundering.

Al Hilal Exchange and Asia Exchange Centre were shut and had their licences revoked with immediate effect, the Central Bank said in a statement.

“The first company had major regulatory and AML (anti money laundering) compliance violations, and the second company had major regulatory violations,” it said.

“Their licences were revoked and the two companies were prohibited from conducting any activities relating to remittances or currency exchange from now.”

The Central Bank said it would not tolerate violations of its regulations and instructions by financial institutions and warned everyone against dealing with the two firms.

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