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UAE Central Bank revokes company license for violation of rules – news

By on May 18, 2021 0

Imposes an administrative penalty on S&S Brokerage House.

The Central Bank of the United Arab Emirates (CBUAE) said on Tuesday it had imposed administrative sanctions on the & S Brokerage House operating in the country and also revoked its license for violating the rules.

The regulator said in a statement that S&S Brokerage House had ceased to carry on one or more of its licensed financial activities for a period of more than a year. As a result, the Central Bank revoked his license and removed his name from the register. The deadline for the company to appeal also expired on May 9, 2021, CBUAE said in a statement sent to Khaleej Times Tuesday.

The action against the brokerage was taken in accordance with Federal Decree Law No. (25) of 2020) which gave the Central Bank a broader mandate to ensure that high standards of supervision and regulation apply. to all sectors regulated by the Central Bank, including banks. , insurance companies, foreign exchange bureaus and payment service providers.

However, he did not disclose the specific violations that resulted in the license being canceled.

The sanction was imposed on S&S Brokerage House on April 18, 2021.

“As the supervisory authority for brokerage firms operating in the UAE, the Central Bank is committed to ensuring that all brokerage firms comply with UAE laws and regulations in order to maintain the transparency and integrity of the operations of the UAE. brokerage firms, ”the statement read.

In April, the central bank fined a foreign exchange house nearly half a million dirhams for flouting the rules. It previously imposed financial sanctions on two brokerage houses in October 2020 and February 2021. In January, heavy sanctions were also imposed on 11 banks in the United Arab Emirates for failing to comply with anti-money laundering regulations. . The regulator imposed 45.75 million dirhams in financial sanctions on banks. [email protected]