UAE Money Exchange : UAE Central Bank has fined a local exchange house Dh600,000 for transporting money in an ordinary civilian vehicle rather than recruiting a licensed cash transport company. This is part of a stricter compliance requirement the UAE regulator has been imposing on financial institutions, including exchange houses, to ensure transparency and integrity ...

Tameemi, who was previously the central bank’s vice governor, will be replacing Abdulhamid Saeed Alahmadi. DUBAI – United Arab Emirates President Sheikh Khalifa bin Zayed has appointed Khalid al-Tameemi as governor of the UAE’s central bank. Tameemi, who was appointed central bank vice governor in February, will be replacing Abdulhamid Saeed. Al Tameemi has more ...

Banks, Financial Institutions will have to incorporate principles of responsible financing. The UAE Central Bank has issued its first comprehensive financial consumer protection regulatory framework that defines the relationship between banks, financial firms and consumers. Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank, said the financial sector in the UAE is growing and expanding ...

Hawala, or hundi, is an unofficial and informal channel to transfer money mainly used among South Asians. The UAE has made it mandatory for Hawala service providers in the country to register, as the country strengthens its anti-money laundering and counter terrorist financing (AML/CFT) framework, the Central Bank said in a statement on Monday. The ...

The country has rolled out several initiatives and is coordinating in areas such as governance and supervision with international partners The UAE has made “significant” progress with a national plan to combat money laundering and curb terrorism financing in the country, according to a statement issued by the country’s central bank. The Emirates has rolled ...