Money Exchange Shut Down by UAE Central Bank
- The UAE Central Bank closed down Smart Money Exchange on Tuesday, 30th May, 2017
- The Smart Money Exchange was shut down by UAE Central Bank due to discrepancies, such as complains from customers that one of the owners absconded with their money
- Smart Money Exchanges has six branches in UAE – three in Dubai, two in Abu Dhabi and one in Sharjah – all of which are now closed
- Representatives of UAE Central Bank, Abu Dhabi Judicial Department, Department of Economic Development, and other independent auditors, have joined to form a committee to assess the situation with the money exchange and take necessary legal action
- The UAE Central Bank is the primary entity that is responsible for managing the currency, monetary policy and banking regulation in UAE
- Since the Smart Money Exchange is a fairly small exchange house, the damages caused to customers is not too extensive and is guaranteed to be returned by the bank
- Exchange houses in UAE have to deposit between AED 3 million and AED 75 million as the bank guarantee before they can start operations
- The issue of money exchanges in UAE being fraudulent is a rare occurrence, and the last incident like this happened in the 1980s, over two decades back
- Customers should look out for money exchanges which are cheap, because often they can tend to be untrustworthy, since they probably offer the cheaper rates to earn faster in a failing business
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