The utility provider highlighted the importance of using the services of a competent technician to carry out regular maintenance work
uae9 hours ago
The Central Bank of the UAE (CBUAE) on Monday said it revoked the licence of Al Rasheed exchange company for “serious regulatory misconduct.”
The regulator said it also struck off the name of the exchange house from the Register after conducting an examination of the company’s operations for malpractices.
This is the second company whose licence has been cancelled this month. Another financial company was fined Dh1.8 million for not adhering to the regulations.
The decision to revoke Al Rasheed's licence was taken pursuant to Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities.
“The exchange house was found to have been deliberately suppressing remittance turnover, failing to meet its liquidity requirements, providing incorrect information to the Central Bank, engaging in serious anti-money laundering malpractice and transferring its licence without obtaining a letter of no objection from the CBUAE,” the regulator said on Monday.
The exchange 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 Central Bank said.
ALSO READ:
The utility provider highlighted the importance of using the services of a competent technician to carry out regular maintenance work
uae9 hours ago
It is the second facility to be launched this year after the introduction of a similar service in Yas Mall in February
uae9 hours ago
Financial and other necessary assistance will be provided by the Philippine government for the next of kin
uae10 hours ago
This decision was taken to preserve the safety of administrative staff, teachers and students
uae11 hours ago
Abu Dhabi Police has been promoting the safety of motorcycle riders by holding workshops focused on improving traffic awareness
uae11 hours ago
Many employees were told to report to office during the unprecedented rain and storm of April 16-17
uae11 hours ago
The machine is a crucial asset during health crises like Covid-19
uae12 hours ago