Reserve Bank revokes CoA of UAE Exchange Centre

Mumbai: The RBI has revoked the certificate of authorisation (CoA) 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 for cross border in-bound money transfer operator (customer-to-customer) as ‘Overseas Principal’.

In a statement, the Reserve Bank of India said the CoA of the payment system operator has been revoked for non-compliance with regulatory requirements.