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UAE Central Bank revokes Malik Exchange licence, imposes Dh2m fine

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The Central Bank of the UAE (CBUAE) has revoked the licence of Malik Exchange and imposed a fine of Dh2 million after the company was found in breach of anti-money laundering and counter-terrorism financing (AML/CFT) regulations. The exchange house has also been removed from the Central Bank’s official register.

The decision followed a regulatory investigation, which concluded that the company failed to comply with the UAE’s Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework. According to the Central Bank, the violations were serious enough to warrant both financial and operational penalties, effectively shutting down the exchange.

Strong message to financial institutions

The CBUAE stressed that it regularly monitors financial institutions, including exchange houses, to ensure strict adherence to national laws and international standards. The authority said it will continue to take “deterrent action” against companies that fall short of their obligations.

“Through its supervisory and regulatory mandates, the Central Bank ensures that all exchange houses, their owners and staff abide by UAE laws designed to safeguard the transparency and integrity of the national financial system,” the regulator said in a statement.

The move underlines the UAE’s efforts to strengthen financial oversight and prevent the misuse of its banking and exchange sector for money laundering or terrorism financing.

Part of wider crackdown

Over the past two years, the UAE has tightened its regulatory framework in line with global best practices. Several exchange houses and financial institutions have faced fines or licence suspensions for failing to comply with AML/CFT rules.

The country has also established new bodies, such as the Executive Office of Anti-Money Laundering and Counter Terrorism Financing, to coordinate national efforts and work closely with international partners.

Regulated exchanges

The Central Bank maintains a comprehensive list of authorised operators, ensuring consumers have alternative, regulated options for sending and receiving money.

The authority has advised the public to only deal with licensed financial institutions, warning that using unregulated operators puts individuals at risk of fraud and non-compliance with UAE law.

With over 35 years of experience in journalism, copywriting, and PR, Michael Gomes is a seasoned media professional deeply rooted in the UAE’s print and digital landscape.

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UAE warns residents: Sharing rumours or fake news could lead to jail and Dh200,000 fine

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Authorities in the UAE have warned residents against sharing rumours, false information, or misleading content online, stressing that such actions are illegal and can result in serious penalties.

Dubai Police reminded residents that posting or forwarding content that contradicts official announcements or spreads misinformation is strictly prohibited. The authority added that sharing misleading posts that could cause public panic or threaten safety, security, or public health is considered a criminal offence.

Violators may face imprisonment for at least two years and fines starting at Dh200,000, according to authorities.

Residents must verify information

The National Emergency Crisis and Disaster Management Authority (NCEMA) has also urged residents to be cautious when sharing information online, especially during sensitive situations.

Officials noted that information spreads quickly during times of tension and not all circulating news may be accurate. Residents are advised to verify the source of any information before sharing it and rely only on updates from official government channels.

Sharing photos and videos of accident sites

UAE Attorney General Hamid Saif Al Shamsi warned residents against photographing or sharing images and videos of accident scenes or damage caused by falling debris.

Such content can create unnecessary panic and may give a misleading impression of the country’s safety conditions.

Al Shamsi stressed that public safety institutions across the UAE continue to operate effectively and daily life remains stable nationwide.

What does the UAE law say?

Spreading rumours or unverified information is a criminal offence under Federal Decree-Law No. 34 of 2021 on Combating Rumours and Cybercrime.

Under Article 52 of the law, anyone who publishes or republishes false or misleading information that contradicts official announcements or harms public security can face:

  • Up to two years in prison
  • Fines of up to Dh200,000

Authorities reminded residents that even reposting or forwarding false information can lead to legal consequences, and urged the public to act responsibly when using social media.

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Abu Dhabi warns public about fraudulent SMS and iMessage phishing scams

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Abu Dhabi Customs has issued a warning to the public about fraudulent SMS and iMessage messages circulating that impersonate the authority and well-known shipping companies in an attempt to steal personal information.

According to the authority, scammers are sending messages that appear legitimate, often claiming there is a shipment issue, customs fee, or a request to update delivery details. These messages usually include malicious links designed to trick recipients into providing sensitive information such as personal data, banking details, or login credentials.

Abu Dhabi Customs urged the public not to interact with these messages or open any links, stressing that fraudsters sometimes use phone numbers or names that falsely suggest they are associated with official entities to gain people’s trust.

The authority advised customers to avoid sharing personal information with unknown parties and to rely only on official channels to access services, track shipments, or obtain customs-related information.

Abu Dhabi Customs also reaffirmed its commitment to maintaining high cybersecurity standards and protecting customer data, noting that it works with relevant authorities to monitor and address digital fraud attempts.

Members of the public are encouraged to report any suspicious messages impersonating Abu Dhabi Customs through official channels, helping authorities raise community awareness and reduce phishing attempts.

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Scam alert: Dubai’s Parkin warns residents not to share passwords or OTPS

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Public parking solutions provider Parkin has urged residents to remain vigilant against online scams and take steps to protect their digital identity.

In a recent advisory, the company warned users not to share personal information through suspicious messages or phone calls. Officials stressed that legitimate organisations will never ask customers to log in to their accounts or disclose confidential details through unsolicited communications.

The warning comes amid a rise in cyber fraud attempts targeting residents across the UAE.

Do not share sensitive information

Parkin advised residents to avoid responding to requests for personal details, passwords, or verification codes, especially when they come from unknown or unverified sources. Fraudsters often pose as representatives of official services in an attempt to gain access to accounts.

Residents are encouraged to verify the authenticity of any message or call before taking action.

Verify sources and report suspicious activity

The company also urged the public to check the official source of communications and report any suspicious activity through legitimate channels.

Authorities in the UAE have repeatedly warned residents about online scams, fake calls and phishing messages, which attempt to trick people into sharing sensitive information.

Cybersecurity experts recommend staying cautious and avoiding links or login requests sent through unfamiliar messages.

Residents who receive suspicious communications should ignore the request and report it to the relevant authorities.

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