RBI Cancels UAE Exchange Centre’s License

RBI Revokes UAE Exchange Centre’s Authorization for Non-Compliance

The RBI has revoked the recognition certificate of UAE Exchange Center LLC for non-compliance with regulatory requirements.

UAE Exchange Center LLC (UAEEC), a cross-border money transfer operator (customer-to-customer) with its registered office in Dubai, has been granted a Certificate of Authorization (CoA) as ‘Foreign Principal’.

In a statement, the Reserve Bank said the CoA of the Director of Payment Systems has been revoked for non-compliance with regulatory requirements.

Following the repeal of the CoA, the UAEEC cannot transact the business of cross-border money transfer as a ‘foreign principal’.