The Central Bank of the UAE has cancelled the licence of Sundus Exchange and imposed a financial penalty of Dh10 million following regulatory violations related to anti-money laundering (AML) compliance.
The enforcement action follows an investigation under Article 14 of Federal Decree Law No. 20 of 2018 concerning AML and the combating of terrorism financing. The Central Bank stated that its examination revealed systemic failures in Sundus Exchange’s adherence to AML laws and related regulations.
The name of the exchange has been removed from the official register of licensed financial institutions in the UAE. The revocation is final, and the entity can no longer conduct any exchange business in the country.
The Central Bank stated that the decision aligns with its supervisory mandate to enforce regulatory compliance and protect the integrity of the UAE’s financial system. It emphasised the need for all licensed exchange houses to maintain standards that meet the country’s financial crime prevention framework.
