Abu Dhabi: The Central Bank of the UAE (CBUAE) has revoked the licence of 'Sundus Exchange' operating in the UAE, removed its name from the licences register, and imposed a financial sanction of AED10 million. This action is pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments.
According to Emirates News Agency, the revocation and financial sanction were imposed following the results of examinations conducted by the CBUAE. These examinations uncovered failures and violations of the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, along with related regulations.
The CBUAE asserts its commitment to ensuring that all exchange houses, their owners, and staff comply with UAE laws, regulations, and standards set by the CBUAE. This commitment is aimed at maintaining the transparency and integrity of financial transactions and safeguarding the UAE financial system.