CBUAE revokes licence of Sundus Exchange

Financial sanction imposed
A financial penalty of AED 10 million has also been imposed on the exchange, in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering (AML) and Combating the Financing of Terrorism and Illegal Organisations, including relevant amendments.
Violations and examination findings
The decision followed examinations by the CBUAE, which uncovered failures and violations of the AML framework and related regulations. These findings prompted the revocation and financial penalty.
CBUAE reaffirms commitment to compliance
The CBUAE emphasized its ongoing efforts to enforce compliance among exchange houses, their owners, and staff, ensuring adherence to UAE laws and regulatory standards. These measures aim to maintain the transparency and integrity of financial transactions and protect the UAE's financial system from illicit activities.

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