The Central Bank urges the money transfer brokers to implement mandatory registration
The Central Bank allows only registered hawala brokers to practice the activity.
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The Central Bank required unregistered hawala brokers working in the UAE to register for a hawala broker certificate, before the end of the deadline for registration on December 2, 2020, based on the requirements of the Registered Hawala Brokers System.
The bank stated in a statement yesterday that the system allows only registered hawala brokers to practice the activities of hawala brokers in the country, in accordance with the law and according to the certificate issued by the "Central".
The Central Bank stressed that after the deadline has expired, the relevant legal measures will be taken in light of what is decided by the penal legal texts in force, including what is stated in the Central Bank Law regarding the practice or promotion of the activity of “money transfer brokers”, without Registration and registration in the "hawala brokers registry" with the bank is a crime punishable by imprisonment and a fine, in addition to the administrative closure of the headquarters for practicing the activity.
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