On Wednesday, the UAE’s Central Bank imposed a Dh2 million fine on Malik Exchange and revoked its license due to non-compliance with anti-money laundering regulations.
The authority also announced the removal of Malik Exchange from the official Register, aligning with laws concerning Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.
This severe penalty and significant financial sanction followed investigations by the CBUAE, which uncovered the entity’s violations of these laws and regulations.
The authority emphasized to all exchange houses, their owners, and employees the importance of adhering to UAE laws.
Regular inspections and investigations into such organizations’ activities are conducted by the authority.
On August 18, it was announced that YAS Takaful PJSC’s license was suspended due to non-compliance with UAE insurance regulatory requirements.
Similarly, on July 11, Al Khazna Insurance Company’s license was suspended for not meeting the necessary licensing conditions to operate insurance business during its suspension period.
In March, the Central Bank levied a Dh2.62 million fine on two insurance companies and five banks for failing to adhere to tax compliance standards.
The UAE has strengthened its oversight over banking, finance, and insurance sectors to ensure full compliance with local and international laws.
