ABU DHABI: The Central Bank of the UAE (CBUAE) has suspended Al Razouki Exchange, a UAE-based exchange house, for three years and closed two branches in Dubai. This decision followed a special examination revealing non-compliance with anti-money laundering and counter-terrorism financing (AML/CFT) laws under Federal Decree-law No.20 of 2018. The sanctions aim to uphold transparency and integrity in the UAE’s financial system.
Centeal Bank has taken similar actions in 2023 against other exchange houses for AML/CFT lapses, signaling the CBUAE’s stringent regulatory stance.
Al Razouki International Exchange is a significant player. It is considered one of the top 10 most trusted exchange houses in the region and has been operating since 1981. The company provides services such as foreign exchange, global money transfers, and wage payments under the WPS (Wage Protection System).
Al Razouki operates over 25 branches across the UAE​
