The Central Bank of the United Arab Emirates has revoked the license of “Sundus Exchange” and removed its name from the licensing register. Additionally, a monetary penalty of 10 million dirhams has been imposed in accordance with Article 14 of Federal Law No. 20 of 2018 concerning the fight against money laundering, combating the financing of terrorism, and addressing illegal organizations, along with its amendments.
This action, which includes the revocation of the license and the financial penalty, has been taken following the results of inspections conducted by the Central Bank. These inspections revealed failures and violations pertaining to non-compliance with the framework for combating money laundering and terrorist financing, along with related laws.
The Central Bank remains committed to its regulatory and supervisory responsibilities to ensure that exchange companies, their owners, and employees comply with the legislation and laws in force in the UAE, along with the standards and guidelines established by the bank. This is part of its ongoing efforts to maintain transparency and integrity in financial transactions, thereby protecting the country’s financial system.