The Central Bank of the UAE (CBUAE) has taken decisive enforcement action against Sundus Exchange, revoking its licence and levying a AED 10 million fine after uncovering serious breaches of anti-money laundering and counter-terrorism financing laws.
License Cancelled Over Regulatory Violations
The CBUAE’s decision to cancel Sundus Exchange’s licence and remove the firm from the official register of licensed exchange houses was made in line with Article (14) of Federal Decree Law No. (20) of 2018. The law pertains to Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Illegal Organisations, including its amendments.
Investigations conducted by the Central Bank revealed significant violations of AML regulations and compliance frameworks. These failures constituted serious lapses in the firm’s adherence to the regulatory standards governing licensed exchange operations in the UAE.
Upholding Financial Integrity in the UAE
The Central Bank stated that Sundus Exchange had not complied with the operational guidelines aimed at preventing illicit financial activity, including money laundering and terrorist financing. As a result, the regulator imposed financial penalties and revoked the firm’s operating rights to preserve the integrity and transparency of the UAE’s financial system.
In a statement reaffirming its supervisory role, the CBUAE stressed its ongoing commitment to ensuring full compliance by all licensed exchange houses, their owners, and staff. This includes strict adherence to UAE financial regulations and anti-financial crime standards set by the Central Bank.
This action forms part of broader regulatory efforts to safeguard the country’s financial infrastructure from misuse and maintain the highest standards of transparency in financial operations.
