Central Bank suspends Al Razouki Exchange currency system — money services operators — effective immediately
The Central Bank of the UAE (CBUAE) has suspended the currency exchange system of Al Razouki Exchange and ordered the closure of two of its branches. This action affects all customers and counterparties of the suspended exchange operator. Affected parties must cease transactions with the suspended system immediately and contact CBUAE or seek alternative licensed money services providers.
The analysis — automated & source-checked
- Applies to
- Financial services · UAE
- What to do
- Cease all transactions with Al Razouki Exchange's suspended system immediately. Contact CBUAE or seek alternative licensed money services providers. If you hold funds with the operator, contact them or CBUAE for recovery guidance.
The CBUAE has taken enforcement action against Al Razouki Exchange, suspending its currency exchange operating system and mandating closure of two branches. The suspension is effective immediately. Customers holding funds or pending transactions should contact the exchange or CBUAE for guidance on asset recovery and alternative service providers.
Source
Source: Central Bank of UAE — official 22 Nov 2024 Read the original ↗ More from Central Bank of UAE →
Quick answers
What do I need to do?
Cease all transactions with Al Razouki Exchange's suspended system immediately. Contact CBUAE or seek alternative licensed money services providers. If you hold funds with the operator, contact them or CBUAE for recovery guidance.
Who issued this?
Central Bank of UAE (UAE).
When was it announced?
22 Nov 2024.
Where can I read the original?
Read the original at Central Bank of UAE: https://www.centralbank.ae/en/news-and-publications/news-and-insights/press-release/cbuae-suspends-the-currency-exchange-system-of-al-razouki-exchange-and-closes-two-of-its-branches/
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