A foreign exchange dealer from the United Arab Emirates is in strife with Australian authorities, over admitted underpayments of staff.UAE Exchange Australia Pty Ltd has agreed to a fine of A$50,000 with the regulator of workplace entitlements. It has also paid backpay of more than $500,000.This episode may continue to distract UAE and fringe finance employers more generally, with the Finance Sector Union escalating one facet of the UAE Exchange matter to the Federal Court.Julia Angrisano, FSU National Secretary, said last night that the union held wider concerns "following the discovery that a global financial services company had sought and gained an opinion from the Fair Work Ombudsman to move staff from the Banking, Finance and Insurance Award, to the General Retail Industry Award."We are currently challenging that decision in the Federal Court and the outcome of the case could also have an impact on the amount UAE Exchange will be required to make in back payments," she said.Angrisano argued yesterday that "it is very clear to us that UAE Exchange is not a shop and should never have been permitted to move its staff to the Retail Award."This is a corporation which handles millions of dollars in financial services transactions and its staff should be employed under the BFI Award."For now, UAE Exchange has wrapped up its narrower legal tangle with Fair Work.The FX dealer conceded yesterday (via an enforceable undertaking) that "an investigation conducted by the Fair Work Ombudsman into our wage practices ... found that we have underpaid three former employees $100,253.90 between September 2010 and October 2015."UAE Exchange said it will also "cease the practice of requiring staff to make good any cash shortages" while also agreeing to "reimburse all staff affected by the practice" from January 2011 to June 2017.The company is engaged in the business of providing money remittance and foreign currency exchange services. As at June 2018, the UAE Exchange operates in Australia through its head office and at 30 branches, and employs approximately 118 staff.With a 10-year history in Australia, the FX dealer made a net profit of $1.3 million on revenue of $12.2 million over the year to December 2017, for a return on equity of around 15 per cent.The enforceable undertaking lists a dozen breaches of employment conditions spelled out in the General Retail Industry Award 2010 and also in the Fair Work Act 2009.Breaches included failing to pay the minimum rates of pay, failing to pay the casual loading, failing to pay the evening work and Saturday and public holiday penalty rates and failing to engage employees "for the minimum shift duration prescribed by the Retail Award."The company said it "has provided evidence and assurances to the FWO that it has ceased its practice of paying flat rates of pay" and "commenced paying all  employees covered by the Retail Award in accordance with the rates of pay, penalties and entitlements in accordance with the Retail Award. "An audit spanning January 2011 to June 2017 identified 51 employees underpaid wages by $328,949