UAE revokes licence of exchange house for breaching rules

The Central Bank of the UAE (CBUAE) has revoked the licence of Muthoot Exchange and removed it from the official register.

This action, taken under Article 137 (1) of the Federal Law No. (14) of 2018, follows an examination by the CBUAE, which found that the exchange house failed to maintain its paid up capital and equity as per the required standards and regulations.

The authority has emphasised its commitment to upholding transparency and integrity within the UAE's financial system, ensuring that all exchange houses, their owners and employees comply with the rules.

The #CentralBankUAE has revoked the licence of Muthoot Exchange, an exchange house operating in the UAE, and struck its name off the Register, pursuant to Article 137 (1) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank & Organisation of Financial…

— Central Bank of the UAE (@centralbankuae) August 22, 2024