The central bank cancels a license "Sundus Exchange" It imposes a fine of 10 million dirhams
Abu Dhabi, June 17 / WAM / The United Arab Emirates Bank canceled the license of “Sundus Exchange”, removed its name from the licensing record, and imposed a fine of 10 million dirhams, according to Article 14 of the decree of Law No. 20 of 2018 regarding facing money laundering crimes, combating terrorist financing, financing illegal organizations and amendments.
According to a press release issued today by the Central, the cancellation of the license and the imposition of a financial fine based on the results of the inspections 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 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.
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