UAE money exchange houses ordered to raise standards by regulator

UAE money exchange houses ordered to raise standards by regulator:

"Money exchange houses in the United Arab Emirates have been ordered by the central bank to raise their standards, after several banks cut ties with them due to concerns about the risk of illicit financial flows. The United Arab Emirates’ huge expatriate workforce and growing business and tourism sectors have made it a global centre for exchanging foreign currencies and transferring money to and from the Middle East, Asia, Africa and parts of Europe. But some of the roughly 125 exchange houses in operation have struggled in recent years as a growing number of U.S. dollar correspondent banks, relied upon to clear dollar trade, and local lenders cut ties with them. The banks have often cited the prohibitive compliance costs they must have in place to ensure they’re not doing business with exchange houses laundering money or financing terror."



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