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BRIEF PROFILE OF ORIENT EXCHANGE CO. (L.L.C.)
Orient Exchange Co. (L.L.C.) established in the year 1923, are the pioneers of the Foreign Exchange business in the UAE. Driven by customers need and market demand, with absence of any banks or financial institution, the operations commenced in the early 20th century under the name and style "M/S Parmanand Jethanand" With licensing of companies introduced and issued by the Dubai Municipality, it was in the year 1963, that our exchange was officially registered as M/s Arabian Trading Agency. But since 1982 all money exchange companies were licensed and regulated by Central Bank of the UAE, our foreign exchange unit was renamed as M/S Arabian Trading Agency Exchange. In the year 1983 U.A.E. introduced agency laws and as per said law an Exchange company could not have the terms Trading and Agency as part of their registered name. Hence our company was renamed as Orient Exchange Co. (OEC) in the year 1986 and converted into a limited liability company in 1994 and currently known as
Orient Exchange Co. (L.L.C.)
. Transformation from its humble fledgling setup to its current state of art full fledged operations, the company has been passionately guided by the vision of insightful leaders.
Orient Exchange operates out of fifteen outlets in UAE and a representative office in Cochin, India, with the permission of Reserve Bank of India, for some of the back office functions and draft printing for onward dispatch to beneficiaries in India.
OEC was one of the earliest to fully computerize its operation in the early 1980s. Presently the operation is controlled by a state of art web based Enterprises Resource Planning (ERP). Competent and qualified professional managers supervise and manage the business.
OEC has an efficient Anti Money Laundering policy, KYC procedure and control system in place. The company is fully regulated by Central Bank of the UAE. The operation and accounts are regularly inspected by the regulator.
OEC has appointed a leading auditing firm - M/s Pannell Kerr Forster as their external auditors. PKF also audits the companies AML policy and procedure. The in-house Internal Auditor reviews the operation of the company periodically. The company's risks are covered by a comprehensive Banker's Blanket Insurance Policy.
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