UAE money exchange houses ordered to raise standards by regulator
The central bank earlier this month published a 150-page document laying out standards that exchange houses must comply with by January 2019 or risk fines and, in the most extreme case, having their licences revoked.
The rules include requiring exchange houses to appoint a compliance officer and to check and record the identification of the senders and receivers of all money transfers, said sources familiar with the matter. Currently, exchange houses are only required to do so on transactions of more than Dhs2,000 ($545).
Money transfers between exchange houses in the UAE will also have to be made via the central bank’s electronic transfer system, rather than in cash, the sources said.
Exchange houses have also been told to avoid cash for trade-related transactions and only to conduct transactions for charities and other societies which have permission from the government to collect donations and transfer funds abroad, the sources said.
The central bank did not respond to a Reuters request for comment.
more information here