The Central Bank of the UAE (CBUAE) has revoked the licence of Dirham Exchange and struck it off the official registers due to “serious regulatory misconduct”.
The regulator also revoked the registration of RMB Commercial Brokers Co, a Hawaladar operating in the country.
In a statement, the CBUAE said they were found to flout anti-money laundering guidelines and conduct remittance transactions with countries that were not on the authority’s approved list.
Inspections also revealed that the firms had “a weak compliance framework” and failed to “report regulatory breaches to the CBUAE”.
The #CentralBankUAE has revoked the licence of Dirham Exchange, an exchange house operating in the UAE, and struck off its name from the Register, and revoked the registration of RMB Commercial Brokers Co, a Hawaladar operating in the country.
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— Central Bank of the UAE (@centralbankuae) August 9, 2023