The Central Bank of the UAE (CBUAE) has revoked the licence of an exchange house for serious regulatory misconduct, including anti-money laundering malpractice, and has struck its name off the register.

CBUAE said Al Rasheed, an exchange house operating in the emirates, had been subject to an investigation which revealed the misconduct, and that it also deliberately suppressed remittance turnover, failed to meet its liquidity requirements and provided incorrect information to the CBUAE.

The exchange also transferred its licence without obtaining a letter of no objection from the CBUAE.

“The findings showed that Al Rasheed had a weak compliance framework and had failed to comply with its regulatory obligations. The time set for submitting an appeal has expired and an appeal has not been submitted,” the bank said.

(Reporting by Imogen Lillywhite; editing by Daniel Luiz)

imogen.lillywhite@lseg.com