Seven Currency Exchange Houses Downgraded in UAE

The Central Bank of the UAE has downgraded the licence of seven currency exchange houses for violating regulations and have asked the residents not to send remittances through these exchanges.

The seven companies are Taher Exchange Est., Al Hadha Exchange, Al Hemriya Exchange, Dubai Express Exchange, Sanaa Exchange, Cosmos Exchange and Bin Bakheet Exchange Est. The companies are accused of violating a number of regulations including anti-money laundering regulations.

"The above exchange houses were prohibited from conducting any activities relating to remittances or payment of wages. This decision comes after the failure of these exchange houses to regularise their status during the grace period granted by the Central Bank," the Central Bank said in a statement, quoted Khaleej Times.

UAE, home to millions of Pakistani and other expats, witness substantial increase in remittances outflow in coming days, as expats will be remitting funds back to their home countries to mark Eid Al Fitr.

Meanwhile, exchange houses in the UAE have faced an increasingly stringent regulatory environment in recent years. There are about 125 exchange houses operating in the UAE.