Malik Exchange Fined 2 Million, Licence Cancelled Over AML Breaches

The UAE Central Bank has imposed a Dh2 million fine on Malik Exchange and revoked its licence for failing to comply with anti-money laundering (AML) regulations. The firm has also been removed from the official Register under laws governing Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.

 

The penalties follow a Central Bank investigation that uncovered serious violations of AML and related regulations. The authority reiterated that all exchange houses, their owners, and staff must adhere strictly to UAE laws, stressing that regular inspections and investigations will continue.

 

This action comes amid a series of recent enforcement measures by the Central Bank. On August 18, the regulator suspended the licence of YAS Takaful PJSC over non-compliance with insurance regulations, while on July 11, it suspended Al Khazna Insurance Company for failing to meet licensing requirements.

 

Earlier in March, fines totalling Dh2.62 million were levied on two insurance companies and five banks for violations of tax compliance standards.

 

The UAE continues to tighten oversight of financial institutions to ensure compliance with both domestic legislation and international regulatory standards.

 

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