The Central Bank of the UAE (CBUAE) has revoked the license of Sundus Exchange, an exchange house operating within the UAE, and has removed its name from the register of licensed entities.

In addition, a financial penalty of AED 10 million has been imposed in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations, along with its subsequent amendments.

These measures follow an investigation by the CBUAE, the findings of which uncovered serious breaches and shortcomings in compliance with the UAE’s Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, as well as related regulations.

As part of its supervisory and regulatory responsibilities, the CBUAE is committed to ensuring that all licensed exchange houses, their proprietors, and employees comply fully with UAE laws, regulations, and the standards established by the Central Bank.

This is vital to uphold the transparency and integrity of financial transactions and to protect the stability and security of the UAE’s financial system.

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