|18 March, 2020

The Central Bank of the UAE oversees the operations management of an exchange company

UAE Exchange L.L.C. has stopped new transactions through its branches and online platforms

Abu Dhabi: The Central Bank of the UAE (CBUAE) has decided to oversee operations management UAE Exchange LLC, pursuant to its supervisory mandate stipulated in the Decretal Federal Law No. 14 of 2018.

UAE Exchange L.L.C. has stopped new transactions through its branches and online platforms, with the exception of the operation of Wage Protection System, which it is allowed to operate until further notice. In order to protect consumers, the Central Bank of UAE has required the exchange house to swiftly settle outstanding remittances and all other already initiated transactions.

The Central Bank of UAE inspection team has started an examination on the UAE Exchange L.L.C. today, in order to verify its compliance with the applicable laws and regulations. The Central Bank of UAE will take additional action, if necessary, once the examination is completed.

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