Sunday, 05 September 2010
LAREX – Payroll Solution
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Larex CardThe UAE Wages Protection System (WPS) has been implemented by the Central Bank of the UAE (CBUAE) to meet the desired objectives of the Ministry of Labour (MOL). The objective of WPS is to provide a safe, secure, efficient and robust mechanism to streamline the timely payment of wages to employees by their employers.

The model adopted by CBUAE is one where information flows from the employer to one or more of the contracted agents for payment of the wages to their employees. Funds from the employers are secured by CBUAE prior to dispatching the wages information to the agents. The system shall empower CBUAE, and thereby the MOL, with the functionality that would allow effective monitoring of the payment of wages by the employers to their respective employees.

Learn more About Larex

 
 
Currency Buying and Selling
Lari Exchange provides the wholesale and retail Foreign Exchange services to local exchange companies and financial institutions; our customers are virtually guaranteed the availability of their home country’s currency; our rates are competitive compared to those of banks and other exchange companies.
 
Credit Card Cash Advances
We provide cash advances to all major Credit cards like MasterCard, MasterCard Electron, Visa, Visa Electron, and Diners Club International to all our branches.
 
DHL Worldwide Services
Our customers can send drafts and cheques anywhere in the world using our arrangement with DHL.
 
Credit Card Bill Payments
Lari Exchange offers credit card dues settlement facility to the credit card holders of major local banks in the UAE, with minimal service charges.
 
Anti-Money Laundering

Lari Exchange is committed to preventing money laundering and terrorist financing. Our procedures comply with the Financial Crime Regulation of the Central Bank of the UAE. We also monitor and adhere to other major international anti-money laundering recommendations and programs such as the Financial Action Task Force (FATF), the United Nations and European Union sanctions and the Officer of Foreign Asset Control (OFAC).

We aim to maintain the highest operating standards at all times by undertaking regular reviews of our procedures and controls to ensure we are compliant with the relevant laws, regulations and standards of good practice.

In order to achieve full compliance with the Regulation the company has in place the following:

  • An appointed Money Laundering Reporting Office
  • Anti-money laundering policies and procedures
  • Staff training program on money laundering awareness and their criminal liabilities
  • Know Your Customer (KYC)
  • Clear reporting lines for suspected money laundering
  • Suspicious activity reporting to the authorities
  • Record keeping for five years after business is concluded
 
Demand Drafts & Electronic Bank Transfers
Lari Exchange issues multiple currency demand drafts drawn on correspondent banks, and send remittances through their electronic banking systems. We have electronic fund transfers to US, Canada, UK, Africa, Asia, and many other banks all over the world to expedite payments. Our rates are extremely competitive. Drafts and wire services normally take 24 hours and are fully secured, providing direct-to-bank credit in most customer countries.
 
Money Products
Larex CardWe have Western Union terminals in all our branches: this gives our customers quick, convenient access to transfer services; Western Union has over 200 000 locations, in over 195 countries, giving Lari Exchange customers global reach 24 hours a day, seven days a week. We assure our customers that their family needs, will be met on time, irrespective of the distance by using the sate of the art electronic facilities at Lari Exchange by using the Instant Cash & ARY Speed Remit Money Products.
 
Courier Services
We have a special courier service providing bank-to-bank and door-to-door facilities in the following countries: India, Bangladesh, Nepal, Pakistan, Sri Lanka, Indonesia and the Philippines.
 
Inter Emirates Transfer
Larex CardWe provide the instant money transfer service which enables funds movement within our branches in the emirates which enables the customers to manage their funds from day to day purposes for the business as well as the individuals.
 
Gcash
Larex CardThe service allows the Filipino Remitter to send electronic remittance through Lari Exchange to Globe Telecom, Touch Mobile, and other Mobile subscribers through the Cash-In Outlet which shall receive the cash equivalent of the electronic remittance and the beneficiary can receive cash at any of G-Cash authorized Cash-Out outlets by presenting a valid ID. Lari Exchange is the authorized service provider agent in UAE.
 

Corporate Profile

Lari Exchange is proud to be one of the oldest exchange houses in the United Arab Emirates. Founded in 1969 by Mr Abbas Darwish Lari, an Emirati National, the company has grown to its present strength of fourteen branches through his leadership and the commitment of all our people. Expanding with the UAE and the GCC region in its present ...

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Our mission is to serve the local and expatriate markets with reliable money transfer and exchange services, providing outstanding value whatever our customers’ requirements.We base this mission on the following core values:Trust, ethics and transparency in all financial transactions;Commitment, shared vision and purpose at all levels of the organisation;Citizenship and social responsibility in the way we serve the local ...

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Lari Exchange looks forward to an exciting future as the money remittance and exchange industry grows., the market is set to expand in the UAE, the GCC, and countries where most of our customers are based – Asia, the Far East, and elsewhere in the Middle East and African Countries. Our objectives for the coming near to medium terms are: ...

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