UAE Central Bank suspends operations of Al Razouki Exchange

The Central Bank of the UAE (CBUAE) has taken action against Al Razouki Exchange, suspending its operations for three years and shutting down two of its branches in Dubai.

This decision follows a special investigation under the Federal Decree-law No. 20 of 2018, which focuses on anti-money laundering and combating the financing of terrorism and illegal organisations.

The examination revealed that the exchange house had failed to meet its obligations related to anti-money laundering and counter-financing of terrorism.

CBUAE said it remains committed to ensuring that all exchange houses, their owners and staff comply with local laws and regulations to maintain the integrity and transparency of the country’s financial system.

The #CentralBankUAE has suspended the business of Al Razouki Exchange, an Exchange House operating in the UAE for a period of three years and has closed two of its Branches in Dubai. These administrative measures were taken pursuant to Federal Decree-law No. (20) of 2018 on…

— Central Bank of the UAE (@centralbankuae) November 22, 2024