The Central Bank of the UAE (CBUAE) has suspended the operations of Al Razouki Exchange for three years and closed two of its branches in Dubai.
These measures were implemented under Federal Decree-law No. (20) of 2018 regarding Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.
The sanctions follow a special examination conducted by the CBUAE, which identified failures in the exchange house’s compliance with anti-money laundering and counter-terrorism financing obligations.
The CBUAE emphasised its commitment to ensuring that all exchange houses adhere to UAE laws, regulations and standards to maintain the integrity of the financial system.
