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UAE Central Bank cancels money exchange and broker licenses

The UAE’s Central Bank (CBUAE) announced the revocation of Dirham Exchanges’ license due to serious regulatory violations. RMB Commercial Brokers Co’s registration was also revoked.

These actions followed an appeals process based on specific legal articles concerning financial institutions, money laundering, and combating illegal activities.

The CBUAE found evidence of significant regulatory misconduct, including anti-money laundering and disregarding instructions against certain remittance transactions.

The Central Bank emphasized the importance of compliance with UAE laws to uphold financial system transparency.

Recently, Al Rasheed exchange company’s license was revoked for similar reasons, and two insurance service providers had their registrations cancelled in June for law violations.

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