RBI revokes authorisation certificate of UAE Exchange Centre

MUMBAI: The Reserve Bank has revoked the certificate of authorisation of UAE Exchange Centre LLC for non-compliance with regulatory requirements and now it cannot transact the business of cross border in-bound money transfer.

UAE Exchange Centre LLC (UAEEC), with registered office in Dubai, was issued Certificate of Authorisation (CoA) for cross border in-bound money transfer operator (customer-to-customer) as Overseas Principal'.

In a statement, the RBI said the CoA of the payment system operator has been revoked for non-compliance with regulatory requirements.

Following the revocation of CoA, UAEEC cannot transact the business of cross border in-bound money transfer as ‘Overseas Principal', it added.