The Central Bank of the UAE (CBUAE) has taken action against Al Razouki Exchange, suspending its currency exchange system for three years and shutting down its branches in Dubai's Deira and Al Murar areas.
These administrative measures were taken in accordance with Article 14 of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) law.
CBUAE said it continues to ensure that all exchange houses, along with their owners and staff, comply with UAE laws and regulations.
This is part of ongoing efforts to maintain transparency and integrity within the country's financial system.
UAE and US Presidents discuss regional developments
UAE defence systems intercept missile and UAV threats
Sheikh Hamdan directs move to set up unified platform for government services
Dubai to roll out free parking, discounted transport fares for senior Emiratis
One dead in debris incident at farm in Fujairah
One injured from fallen sharpnel in Umm Al Quwain
UAE carriers issue entry and transit restrictions for Iranian nationals
UAE intercepts 5 ballistic missiles and 35 drones on Wednesday
