UAE Currency Bureaus Downgraded after Violating of AML Rules

By in

Following violations of several centralised regulations, the UAE Central Bank has downgraded licenses of currency bureaus from the country who had been found guilty of various charges of anti-money laundering and terrorist financing. Going forward, exchange houses are now banned from trading with:

Salary payments.
Remittances & refunds.
And can only conduct:

the sale and purchase of foreign currencies.
the sale and purchase of travellers cheques.