Today's Edition
ABU DHABI (ALETIHAD)
The Central Bank of the UAE (CBUAE) has revoked the licence of Malik Exchange, struck its name off the Register, and imposed a financial sanction of Dh2 million.
The regulator said in a statement that the decision was taken under Article (14) of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
“The revocation and financial sanction were imposed based on the results of the findings of examinations conducted by the CBUAE, which revealed that the exchange had violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations, “ the CBUAE said.
The action against Malik Exchange is the latest in a series of enforcement measures by the CBUAE aimed at strengthening compliance across the exchange sector.
