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UAE Central Bank revokes licence of Muthoot Exchange for violating standards

The firm failed to maintain its paid up capital and equity

Published: Thu 22 Aug 2024, 9:45 AM

Updated: Thu 22 Aug 2024, 8:32 PM

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The Central Bank of the UAE (CBUAE) revoked the licence of Muthoot Exchange, an exchange house operating in the UAE and struck its name off the register.

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 failed to maintain its paid up capital and equity to the level required by the applicable standards and regulations.

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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.

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