Dubai has imposed a financial penalty of Dh1.3 million on Wise Nuqud Ltd (Wise),

[troubled soul]

https://www.khaleejtimes.com/legal/...lion-for-violating-anti-money-laundering-laws

 

[zzzzzz]

https://www.khaleejtimes.com/legal/...lion-for-violating-anti-money-laundering-laws

Are they still operating in UAE? The last time I checked wise.com it said it's not available to UAE residents.

 

[Martin Everson]

Well the OECD and FATF are really changed landscape in UAE...lol.

Are they still operating in UAE? The last time I checked wise.com it said it's not available to UAE residents.

Yes...for now.

https://wise.com/ae/

 

[RealDude]

Well the OECD and FATF are really changed landscape in UAE...lol.

For the better

 

[JohnnyDoe]

Probably wise didn’t close enough accounts in that region. Bad monkeys.

 

[Fred]

Are they still operating in UAE? The last time I checked wise.com it said it's not available to UAE residents.

They are still used heavily for AED payments - they can't any longer onboard you with UAE Residence or any UAE Company however they still use the NUQUD LTD. entity for local AED payouts in this way you send with Wise to a local UAE Bank Accounts AED in 1-12 hours and it appears as a local AED payment as Wise pays it out through NUQUD LTD. which holds an Bank Account at ENBD. With Revolut which is using Barclays for AED payments it takes 3-5 Business Days for example.

Of course NUQUD LTD is fined and not the underlaying ENBD as a GoV Bank - always funny to see how innovative international Fintechs are fined and bashed through the Media while when local GoV Banks gets fined no Bank Names are mentioned.

 

[GeneralGogol]

Nice place this Dubai, where local banks enable money laundry in massive scale but once a foreign company comes it's fined and shamed publicly for doing probably 100 times less...

 

[troubled soul]

Nice place this Dubai, where local banks enable money laundry in massive scale but once a foreign company comes it's fined and shamed publicly for doing probably 100 times less...

Most bank are own by government i.e. Al maqtoom family........ nobody can touch them....in dubai you are guest of Al maqtoom family........dubai run on mutual benefit....if you are useful to dubai you are welcome....
Otherwise nobody care about you.....wise growth in dubai...does not benefit dubai......it done damage by lowering transferring fee.....it is better for wise any service like them to shut their shop or made some agreement with government.. so both can benefitted ....