Using Get4x in Dubai

If you are exchanging money in Dubai and that transaction involves AED 2,000 or the equivalent in other currencies, the money changer will ask for and record identification details such as your name and full address on forms, which will have to be initialed by yourself and the money changer. For transfers and drafts worth AED 40,000, the money changer will need to fill out a form that is filed separately. If you are conducting a transaction on behalf of someone else, the money changer will also request for the identification documents of the third party. If you are transferring money to, or receiving money from a country that does not apply guidelines from the Financial Action Task Force, you may be subject to more stringent regulatory checks. In the event that money changers suspect any incidences of money laundering, they will have to report this to the Central Bank and other regulatory authorities. They are also required to appoint a Compliance Officer to handle regulatory reporting and suspected money laundering cases, as well as conduct compliance training for employees.