The Central Bank of UAE (CBUAE) has revoked the licence of Malik Exchange and imposed a fine of AED2 million for violations of anti-money laundering and counter-terrorism financing regulations.
The authority also removed the exchange house from the registry.
The decision was taken after an investigation conducted by the CBUAE revealed that the exchange house failed to "to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations".
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all exchange houses, their owners and staff abide by the UAE laws adopted to safeguard the transparency and integrity of the UAE financial system.
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