UAE revokes licence of ‘Sundus Exchange,’ imposes financial sanction of Dhs10 million

The Central Bank of the UAE (CBUAE) has revoked the licence of “Sundus Exchange” operating in the UAE, struck its name off the licences register and imposed a financial sanction of Dhs10 million, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.

 The revocation and financial sanction were imposed based on the results of the findings of examinations conducted by the CBUAE, which revealed failures and violations of the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations.

 The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.

WAM