Backed by close monitoring of operations and regulatory policies, regulators “do not allow any room” for fraudulent transactions by money exchange houses in Qatar, an official of an exchange house has said.
“The regulators in Qatar regularly conduct monitoring activities on operations of exchange houses in the country,” Qatar-UAE Exchange country head Mathai Vaidian told Gulf Times on Wednesday.
His statement comes in the wake of the “unexpected closure” of a money exchange house in the UAE, which, according to a news report, had raised concern among affected residents there.
The report further said the owner of the exchange house, which has two branches in Abu Dhabi, three in Dubai, and one in Sharjah, absconded following the closure.
Remittances ranging from AED1,000 to AED45,000 did not reach their intended beneficiaries, the victims claimed.
“There are also no cases of money laundering activities here because the government is closely watching, and if a transaction is made without an ID, the regulator will immediately alert the exchange house," Vaidian said.
“With these policies and safety nets in place, we are very strong in Qatar...with regard to money exchange houses, regulatory control does not allow any room for such fraudulent activities."
Aside from enforcing regulatory policies, the government regularly inspects exchange houses, Vaidian said.
Financial statements and business plans for the year are among the data made available to regulators.
“We have to protect the rights of our customers, and take care of our internal customers such as our staff, which is why we have to offer reasonable rates and provide the proper facilities. All of these things matter and are important in our operations,” he stressed.
He added: “As far as Qatar-UAE Exchange is concerned, our customers have ‘10 touch points’ to contact us after a transaction via telephone, email, SMS, or they can visit any branch or our website. Our dedicated customer care department is also available 24/7 for any enquiries.”