“Central” cancels a “Sundus Exchange” license

The UAE Central 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 Federal Law No. 20 of 2018 regarding facing money laundering crimes, combating terrorist financing, financing illegal organizations and amendments.

According to a press release issued yesterday by the “Central”, the cancellation of the license and the imposition of a financial fine 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 illegal organizations, and relevant legislation.