UAE’s Central Bank downgrades 7 exchange houses for money-laundering offences

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June 11 2018

The Central Bank of the UAE downgraded the licences of seven exchange houses on Monday after the companies violated regulations such as anti-money laundering rules.

The exchange houses are now banned from carrying out any transactions related to remittances or wage payments, the Central Bank said in a statement on Monday. They can only deal in the sale and purchase of foreign currencies and traveller’s cheques, it added.