Unified UAE Legislation Database
The UAE Central Bank has suspended Al Razouki exchange
Status
In force
Issuing Authority
Central Bank
Effective date
XX.XX.XXXX
Official Link
https://
The Central Bank of the UAE (CBUAE) has identified a breach of Al Razouki Exchange's anti-money laundering (AML) and counter-terrorist financing (CTF) obligations.
The CBUAE has ordered the following penalties for Al Razouki:
- to suspend the activities of the exchange for 3 years;
- to close the 2 branches of the exchange in Dubai.
The decision was issued in accordance with Article 14 of Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Illegal Organizations.
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UAE - 28 November 2024
Original article: Centralbank.ae