March 31 2019
The UAE’s exchange houses involved in the Dh164 billion remittance industry are ramping up measures to combat money laundering, as a federal decree comes into effect with more stringent regulations, including fines of up to Dh5 million.
“These standards have been established in order to upgrade the whole industry level in the way the exchange houses conduct business, which is also to make it on the same level accepted in the international financial community,” Osama Al Rahma, chief executive of Al Fardan Exchange and vice chairman of the Foreign Exchange & Remittance Group, told The National on Sunday.