By Andrei Skvarsky.
The United Arab Emirates Central Bank (CBUAE) said on August 9 that it had revoked the licences of foreign exchange broker Dirham Exchange and remittance specialist RMB Commercial Brokers for “serious regulatory misconduct”.
The delicensing was a penalty for offences “including AML [anti-money laundering] misconduct”, the CBUAE said in an English-language statement.
Dirham Exchange was, furthermore, accused of “collusion in evading CBUAE’s instructions to the exchange house not to engage in remittance transactions with certain countries”.
RMB’s brokerage field is hawala, a chiefly Middle Eastern, African and Asian informal method of remittance through a network of dealers – hawaldars – that involves no physical movement of money and is generally based on trust.
Both companies were based in Dubai.
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