The Central Bank of the UAE (CBUAE) has revoked the licence of Muthoot Exchange and removed it from the official register.
This action, taken under Article 137 (1) of the Federal Law No. (14) of 2018, follows an examination by the CBUAE, which found that the exchange house failed to maintain its paid up capital and equity as per the required standards and regulations.
The authority has emphasised its commitment to upholding transparency and integrity within the UAE's financial system, ensuring that all exchange houses, their owners and employees comply with the rules.
The #CentralBankUAE has revoked the licence of Muthoot Exchange, an exchange house operating in the UAE, and struck its name off the Register, pursuant to Article 137 (1) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank & Organisation of Financial…
— Central Bank of the UAE (@centralbankuae) August 22, 2024
Eid Al Etihad holidays confirmed for private sector
Prison terms, heavy fines for those involved in Abu Dhabi hotel brawl
Dubai Police issues over 27,000 traffic fines in October
UAE announces Eid Al Etihad holidays for federal sector
Two fire incidents in Abu Dhabi brought under control
Dubai introduces child protection framework for private education sector
14 dead, 30 injured in Fujairah traffic accident
UAE President, Crown Prince of Bahrain discuss regional developments
