The UAE’s Central Bank imposed a Dh2 million fine on Malik Exchange on Wednesday and revoked its license for non-compliance with anti-money laundering laws.
The authority announced that it had also struck the exchange house’s name off the Register in accordance with laws related to Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations and its amendments.
The serious penalties and hefty financial sanction came after the CBUAE conducted investigations that revealed the organization’s non-compliance with and violations of the aforementioned laws and regulations.
The authority reminded all exchange houses, their owners, and staff that it ensures they abide by the UAE’s laws.
The authority regularly carries out inspections and investigations into the activities of such organizations.
On August 18, it announced that it had suspended the license of YAS Takaful PJSC due to the firm’s failure to comply with regulatory requirements for insurance companies in the UAE.
Meanwhile, on July 11, it suspended the license of Al Khazna Insurance Company for failing to meet the licensing requirements necessary to conduct insurance business during the period of suspension of its license.
In March, the Central Bank imposed a Dh2.62 million fine on two insurance companies and five banks for failing to follow tax compliance standards.
The UAE has imposed tighter controls around banking, finance, and insurance companies to ensure that they fully comply with the local laws and international regulations.
