UAE Central Bank Revokes License of Muthoot Exchange Company The Central Bank of The UAE has officially revoked the license of @Muthoot Exchange, which was operating within the UAE. This action is in accordance with Article 137 (1) of Federal Decree-Law No. (14) of 2018, which pertains to the Central Bank and the regulation of financial institutions and activities. As a result of this revocation, Muthoot Exchange has been removed from the official register maintained by the Central Bank. This decision reflects the Central Bank's commitment to ensuring compliance with regulatory standards and maintaining the integrity of the financial system in the UAE. Article 137 allows the Central Bank to impose sanctions, including the withdrawal of licenses, on financial institutions that violate established laws or regulations. The revocation of Muthoot Exchange's license indicates that the company may have failed to meet these regulatory requirements, specifically in maintaining its paid-up capital and equity to the necessary levels, although specific details regarding the nature of the violations have not been disclosed. The Central Bank's actions are part of broader efforts to uphold financial stability and combat issues such as money laundering and the financing of terrorism, which are critical concerns in the financial sector. The regulatory framework established by the Federal Decree-Law No. (14) of 2018 provides the Central Bank with the authority to enforce compliance and take necessary actions against institutions that do not adhere to the law. #UAE #CentralBank #MuthootExchange #LicenseRevoked #FinancialRegulations #Compliance #MoneyLaundering #TerrorismFinancing #FinancialIntegrity #RegulatoryStandards #BankingNews #UAEFinance #FinancialStability #Transparency #Accountability #EconomicRegulation #FinancialInstitutions #LegalFramework #FederalDecreeLaw #MarketOversight #ConsumerProtection #FinancialServices #UAEBusiness #CorporateGovernance #RiskManagement #BusinessNews #FinancialCompliance #RegulatoryAction
