Six exchange houses operating in the UAE have been put under financial sanctions by the Central Bank of the UAE (CBUAE) for their failure to achieve appropriate levels of compliance.
Victims were conned by the fake scheme and were exhorted to invest in a shell company, which the accused claimed specialised in trading digital currencies and has shares in the global markets.
Under the scheme that is being planned for formal launch with effect from Oct.1, envisages 1 per cent reward points on annual remittance of up to $10,000 equivalent, 1.25 per cent reward on up to $30,000 of annual remittance and 1.5 per cent reward points on above $30,000.
The sanction is the result of the findings of an examination conducted by the CBUAE, which revealed serious regulatory misconduct by the exchange house.
The Criminal Investigation Department at Ajman Police arrested a gang of five people in less than 24 hours for stealing Dhs3.28 million using a cold weapon.
The Foreign Exchange and Remittance Group (FERG) announced that exchange houses under the jurisdiction of UAE authorities have received approval to implement an optional strategic fee adjustment, allowing for a minimum increase of 15 per cent which typically equates to Dhs2.50.