UAE regulator revokes investment firm s licence
The UAE Central Bank said on 18 May it had struck UAE-based S&S Brokerage House off its register after imposing what it called an administrative sanction and an appeal deadline that expired on 9 May 2021.
The revoking of the licence related to the Decretal Federal Law No. (25) of 2020, which broadly covers standards of supervision and regulation across the sectors which the central bank regulated including banking, insurance, money exchangers and payment services providers.
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S&S Brokerage House had ceased to carry on one or more of its licensed financial activities for a period exceeding one year, it added.
Dh496,000 penalty for exchange house in UAE
Waheed Abbas/Dubai
The name of the exchange house hasn t been disclosed.
The UAE Central Bank (CBUAE) has imposed a financial sanction on an exchange house operating in the country for flouting rules related to anti-money laundering and combating the financing of terrorism and illegal organisations.
The regulatory said its investigation revealed that the exchange company had a weak compliance framework and history to prevent money laundering and financing of terrorism. Hence, it imposed a financial penalty of Dh496,000 on the company.
The sanction was imposed on April 18, 2021.
The name of the exchange house hasn t been disclosed.
UAE central bank extends stimulus measures until mid-2022
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Last Updated: Apr 20, 2021, 11:08 AM IST
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As part of that, banks will continue to be eligible to access a collateralised 50 billion dirhams ($13.61 billion) zero-cost liquidity facility until June 30 next year to provide loans to individuals and companies affected by the COVID-19 pandemic.
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The United Arab Emirates central bank said on Tuesday it has extended until mid-2022 stimulus measures launched last year to mitigate the impact of the coronavirus crisis on the economy. As part of that, banks will continue to be eligible to access a collateralised 50 billion dirhams ($13.61 billion) zero-cost liquidity facility until June 30 next year to provide loans to individuals and companies affected by the COVID-19 pandemic.