Home GCC UAE CBUAE suspends Al Razouki Exchange, shutters two branches The central bank closed Al Razouki’s branches in Deira and Al Murar, the administrative measures were taken pursuant to Article 14 of the AML/CFT Law by Kudakwashe Muzoriwa November 24, 2024 Image credit: CBUAE The UAE central bank has suspended the operations of Al Razouki Exchange, a currency exchange house operating in the UAE, for a period of three years. The Central Bank of the UAE (CBUAE) closed Al Razouki’s branches in Deira and Al Murar, saying the administrative measures were taken pursuant to Article 14 of the AML/CFT Law. Through its supervisory and regulatory mandates, the CBUAE ensures that all exchange houses, banks, their owners and staff abide by the UAE’s laws, regulations and standards to safeguard the transparency and integrity of the country’s banking sector and financial system. The central bank fined a local bank $1.6m (Dhs5.8m) for failing to sufficiently address money laundering and financing of terrorism and other related deficiencies in August. Last September, the apex lender fined a foreign bank operating in the country Dhs5m for failing to sufficiently address money laundering and financing of terrorism and other related deficiencies. The UAE, home to the Abu Dhabi Global Market and Dubai International Financial Centre, was removed from the grey list of the global watchdog Financial Action Task Force (FATF) in February, capping a push by the authorities to clamp down on illicit financial flows. The reforms that the UAE implemented to exit FATF’s grey list include increasing financial investigations and prosecutions, boosting international cooperation, and aligning virtual asset regulation with international standards. Read: UAE fines foreign bank Dhs5m for money laundering breaches Tags Al Razouki Exchange AML Exchange House UAE You might also like UAE set to roll out 15% tax for global corporate giants US clears export of advanced AI chips to UAE under Microsoft deal Mubadala has $330bn in assets under management, says CEO How the UAE’s VAT system is evolving and improving