UPDATE 1-UAE central bank restricts operations of 7 exchange houses | Reuters

UPDATE 1-UAE central bank restricts operations of 7 exchange houses | Reuters:

"The Central Bank of the United Arab Emirates said on Monday it has restricted the operations of seven currency exchange houses for violating anti-money laundering and other regulations. The UAE’s 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. The seven are banned from doing business relating to remittances and payment of wages, the central Bank said in a statement. They can now deal only in the sale and purchase of foreign currencies and travellers cheques."



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