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Abu Dhabi: The UAE has canceled the operation permit of Al Rasheed Exchange, which committed serious violations. Central Bank officials informed.
The investigation revealed that the firm had committed many violations such as misrepresenting income, providing wrong information to the Central Bank and promoting money laundering. Subsequently, the name of the institution was removed from the register of the Central Bank. This is the second establishment to have its license revoked this month. Another financial institution was also fined Dh18 lakh by the authorities for not complying with regulations on transactions.