The Central Bank cancels the license of “Sundus Exchange” and imposes a fine of 10 million dirhams

The United Arab Emirates Bank canceled the license of “Sundus Exchange”, its name was removed from the licensing record, and the imposition of a fine of 10 million dirhams, according to Article (14) of Decree Law No. (20) of 2018 regarding facing money laundering crimes, combating terrorist financing, financing illegal organizations and amendments.

The cancellation of the license and the imposition of a financial fine comes based on the results of the inspection operations conducted by the central bank, which revealed the existence of failures and violations related to non -compliance with the framework of facing money laundering crimes, combating terrorist financing, financing of illegal organizations, and relevant legislation.

Through its supervisory and organizational duties, the central bank works to ensure the commitment of exchange companies, their owners and employees to legislation and laws in force in the UAE, and the regulations and standards approved by it, with the aim of preserving the transparency and integrity of financial transactions in the framework of efforts to protect the state’s financial system.