The Central Bank of the UAE (CBUAE) has urged non-registered Hawala providers operating in the UAE to register to obtain the Hawala provider certificate before December 2, 2020. This is in accordance with the Registered Hawala Providers Regulation, which ensures only registered dealers can carry out these activities in the UAE. The new directive reflects the ...

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 ...