The Central Bank of the United Arab Emirates has revoked the license of Malak Exchange and removed its name from the list of licensed companies. Additionally, a fine of 2 million dirhams has been imposed, in accordance with Article 14 of Federal Decree Law No. 20 of 2018 on combating money laundering and the financing of terrorism and illegal organizations, along with its amendments.
The decision to cancel the license and impose the financial penalty was based on findings from inspections conducted by the central bank. These inspections identified numerous failures and violations related to non-compliance with the framework for addressing money laundering and combating the financing of terrorism and illegal organizations, as well as relevant legislation.
The central bank is dedicated to ensuring that currency exchange companies, their owners, and employees adhere to the laws and regulations in force in the UAE, along with the systems and standards it has established. These efforts are aimed at maintaining transparency and integrity in financial transactions as part of the broader mission to protect the nation’s financial system.