The Central Bank of the United Arab Emirates (UAE) has restricted operations of seven exchange houses for violating regulation relating to anti-money laundering and other regulations.
The affected companies are prohibited from doing business relating to remittances or payment of wages, the bank said in a statement.
The exchange houses have been restricted to working in the sale and purchase of foreign currencies and travelers checks.
The restrictions have been imposed against: Taher Exchange Est., Al Hadha Exchange LLC, Al Hemriya Exchange Company LPC, Dubai Express Exchange, Sanaa Exchange, Cosmos Exchange and Bin Bakheet Exchange Est.
“This decision comes after the failure of these exchange houses to regularize their status during the grace period granted by the Central Bank,” the statement said.
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