The Central Financial institution of the UAE (CBUAE) has revoked the licence of Sundus Trade and eliminated its title from the official register of licensed trade homes within the nation. Along with the revocation, a monetary sanction of Dh10 million has been imposed on the agency.
This regulatory motion comes as per Article (14) of the Federal Decree Legislation No. (20) of 2018 regarding Anti-Cash Laundering (AML) and Combating the Financing of Terrorism and Unlawful Organisations, together with its subsequent amendments.
The CBUAE’s determination adopted investigations that uncovered vital failures and violations of the relevant AML rules and compliance necessities.
The examinations discovered that Sundus Trade had not adhered to the frameworks and pointers designed to stop cash laundering and the financing of terrorism, prompting the CBUAE to behave as a way to protect the integrity of the UAE’s monetary system.
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The CBUAE, via its supervisory and regulatory mandates, reaffirmed its dedication to making sure that every one licensed trade homes, their house owners, and employees totally adjust to UAE legal guidelines and the regulatory requirements established by the Central Financial institution.
This oversight is a part of the broader effort to keep up transparency in monetary transactions and safeguard the nation’s monetary infrastructure from illicit actions.
