The Central Bank of UAE (CBUAE) has revoked the licence of Malik Exchange and imposed a fine of AED2 million for violations of anti-money laundering and counter-terrorism financing regulations.
The authority also removed the exchange house from the registry.
The decision was taken after an investigation conducted by the CBUAE revealed that the exchange house failed to "to comply with 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, works to ensure that all exchange houses, their owners and staff abide by the UAE laws adopted to safeguard the transparency and integrity of the UAE financial system.
UAE leaders post special social media messages to wish 54th Eid Al Etihad
UAE President urges youth to drive innovation while honouring national values
H.H. Sheikh Mohammed: Eid Al Etihad reinforces UAE’s values, enduring legacy
UAE to sing national anthem together on December 2
Ajman earns Guinness record for 603-vehicle Eid Al Etihad message
UAE launches urgent response to Sri Lanka's floods, landslides
UAE President marks Eid Al Etihad by naming seven mosques after each Emirate
