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The Central Bank of the UAE (CBUAE) revoked the licence of Muthoot Exchange, an exchange house operating in the United Arab Emirates. Licensed by CBUAE and incorporated in the year 2010, Muthoot Exchange was struck off the bank’s register due to confirmed violations.
The decision came pursuant to Article 137 (1) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.
The findings of an examination conducted by the CBUAE revealed that Muthoot Exchange had failed to maintain its paid up capital and equity to the level required by the applicable standards and regulations.
The authority works to ensure that all exchange houses, their owners and employees abide by the UAE laws, regulations, and standards adopted by the CBUAE, to safeguard the transparency and integrity of the country’s financial system. – editor@nrifocus.com
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