Sundus Exchange: UAE shuts down another forex firm, fines it Dh10 million in money laundering crackdown

Dubai: The Central Bank of the UAE (CBUAE) has revoked the licence of another money exchange firm operating in the country, and imposed a financial penalty of Dh10 million following violations of anti-money laundering regulations.

The exchange’s name, Sundus Exchange, has also been struck off the official licences register, as part of the enforcement action.

According to the CBUAE, the decision follows examinations that uncovered failures in adhering to UAE laws on Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and related regulations. These findings were in breach of Article 14 of the Federal Decree Law No. (20) of 2018.

The revocation highlights the UAE’s ongoing efforts to strengthen financial oversight and ensure that all licensed exchange houses operate within the regulatory framework designed to prevent financial crimes.

In a statement, the Central Bank emphasised its commitment to maintaining the integrity and transparency of the country’s financial system. It reiterated that all exchange house operators — including owners and employees — are expected to fully comply with local laws and the standards set by the regulator.

The action against Sundus Exchange comes amid tightening regulatory scrutiny across the UAE’s financial services sector. The CBUAE has previously stated that it is working to reinforce controls across institutions involved in currency exchange, remittances, and cross-border transactions — especially as these channels can be vulnerable to misuse for illicit financing.

The UAE has taken multiple steps in recent years to align its AML/CFT frameworks with global standards and is actively working to close any remaining compliance gaps in the financial system.