January 11, 2016
Central Bank of the UAE announced that it has decided to revoke the licence of Al Zarooni Exchange.
According to Central Bank, the exchange house had Anti-Money Laundering compliance violation.
A official statement issued by the Bank read: “The exchange house was prohibited permanently from conducting any activities relating to remittances, currency exchange or payment of wages.
It further stated, that it has stopped the activities of the exchange house as of November 10, 2015 and conducted special examination, in coordination with the competent authorities.”