UAE Central Bank Imposes Dh10 Million Fine On Sundus Exchange, Cancels Licence

The Central Bank of the UAE (CBUAE) has revoked the licence of Sundus Exchange and removed its name from the official register of licensed exchange houses in the country. In addition to the revocation, a financial sanction of Dh10 million has been imposed on the firm.

This regulatory action comes as per Article (14) of the Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering (AML) and Combating the Financing of Terrorism and Illegal Organisations, along with its subsequent amendments.

The CBUAE's decision followed investigations that uncovered significant failures and violations of the applicable AML regulations and compliance requirements.

The examinations found that Sundus Exchange had not adhered to the frameworks and guidelines designed to prevent money laundering and the financing of terrorism, prompting the CBUAE to act in order to preserve the integrity of the UAE's financial system.

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The CBUAE, through its supervisory and regulatory mandates, reaffirmed its commitment to ensuring that all licensed exchange houses, their owners, and staff fully comply with UAE laws and the regulatory standards established by the Central Bank.

This oversight is part of the broader effort to maintain transparency in financial transactions and safeguard the country's financial infrastructure from illicit activities.

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