The Central Bank of the UAE (CBUAE) announced on Wednesday that it had imposed a Dh2 million fine on Malik Exchange and revoked its licence due to breaches of anti-money laundering regulations.
The regulator confirmed that the exchange house’s name has also been removed from the official Register, in line with the UAE’s laws on Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Illegal Organisations, along with their amendments.
These strict measures were taken following investigations by the CBUAE, which uncovered violations and non-compliance with the relevant AML and CFT frameworks.
The Central Bank emphasised that all exchange houses, along with their owners and employees, are required to strictly adhere to the nation’s regulatory framework
.The authority conducts routine inspections and investigations to monitor the activities of financial institutions and ensure compliance.
On 18 August, the CBUAE had suspended the licence of YAS Takaful PJSC for failing to meet the regulatory standards applicable to insurance firms in the country.
Earlier, on 11 July, the Central Bank also suspended the licence of Al Khazna Insurance Company for non-compliance with licensing requirements necessary to continue insurance operations during the suspension period.
In March, the authority levied a Dh2.62 million fine on two insurance firms and five banks for failing to meet tax compliance obligations.
The UAE continues to strengthen regulatory oversight of its banking, financial, and insurance sectors to ensure alignment with both domestic legislation and international standards.
