Sunday 15, July 2018 by Kudakwashe

UAE sanctioned exchange houses not linked to Iran crackdown, says central bank


Downgrading of exchange houses in June, was not linked to a disclosure by Washington that the US and the UAE had disrupted a currency exchange network linked to Iran.


The Central Bank of the United Arab Emirates (CBUAE)’s decision to punish seven currency exchange houses is not related to a crackdown on a network funnelling illicit funds to Iran, reported Reuters.

The seven exchange houses that had their licences downgraded were found to be in violating CBUAE regulations, including anti-money laundering regulations as well as failure to regularise their status during a grace period which was given by the central bank.


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