The United Arab Emirates has cancelled Sundus Exchange License accusing the company of involvement in gross money laundering.
The Central Bank of the UAE (CBUAE) said on Tuesday it “has revoked the licence of “Sundus Exchange” operating in the UAE, struck its name off the licences register and imposed a financial sanction of Dinar 10 million.”
Sundus Exchange had operational ties with Taaj Money Transfer and served East African corridors including Kenya, Ethiopia, and Somalia.
According to an investigation by the UAE central bank, the findings of examinations conducted revealed failures and violations of the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations framework, and related regulations.
Sundus collaborated with Taaj on remittance and currency exchange services between the Gulf region and the Horn of Africa. The closure could disrupt remittance flows to East Africa.
Sources say other firms with similar cross-border financial operations could now face heightened regulatory scrutiny or potential closure.
