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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.

Crime

Dubai Police warns residents of fraudsters impersonating ‘crisis management’ officials

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Dubai Police have detected attempts by fraudsters exploiting recent developments by impersonating individuals claiming to be affiliated with a so-called “Dubai Crisis Management” department and falsely presenting links to the police force.

Authorities said the scammers are attempting to unlawfully obtain sensitive personal information, including UAE Pass credentials and Emirates ID details.

“Members of the public are strongly urged not to share personal or banking information with any unverified party and to report any suspected fraudulent activity immediately through official channels,” Dubai Police said in a post on social media platform X.

Attempt to access bank accounts

Dubai Police warned that sharing such information could allow criminals to conduct SIM swap operations, a method that enables fraudsters to take control of a victim’s mobile number and gain unauthorised access to banking applications and financial accounts.

Officials stressed that Dubai Police never request confidential information, verification codes, passwords or banking details via phone calls or text messages.

Residents are strongly advised:

  • Not to share personal or banking information with unknown callers
  • Not to disclose UAE Pass login details or verification codes
  • To verify any suspicious communication through official channels

Dubai Police urged the public to report suspicious activity immediately by calling 901 or through the official eCrime platform.

Authorities reiterated that vigilance and awareness remain the strongest defence against fraud attempts.









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UAE Public Prosecution issues warning against unlicensed online fundraising 

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The UAE Public Prosecution has issued a legal clarification warning that calling for or promoting fundraising activities without a licence from the competent authority constitutes a criminal offence.

In an awareness video published across its official social media platforms, the authority stressed that individuals who create, manage or supervise a website to solicit donations without official approval may face legal consequences.

Online promotion punishable

The warning also applies to anyone who publishes or shares information on electronic networks, or through any form of information technology, to promote the unauthorised collection of funds.

According to the public prosecution, such actions fall under Article 46 of Federal Decree-Law No. 34 of 2021 on combating rumours and cybercrimes, which outlines penalties for violations related to misuse of online platforms.

Authorities added that penalties may also apply to individuals who violate the conditions of an existing fundraising licence.

Part of ‘Wa’i’ awareness campaign

The clarification forms part of the Criminal Media Centre’s “Wa’i” (Awareness) campaign, an initiative aimed at strengthening legal literacy and promoting transparency across society.

Through educational videos and public guidance, the Public Prosecution seeks to inform residents about prevailing legislation and encourage compliance with national laws.

Key takeaway for residents

Before launching or promoting any fundraising campaign, particularly online, individuals and organisations must ensure they obtain approval from the relevant authority and strictly adhere to licence conditions.

Failure to do so may result in legal action under the UAE’s cybercrime legislation.

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Dubai Police Ramadan warning: Residents urged to avoid online begging and fake charity scams

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Dubai Police have issued a fresh warning to residents about a surge in online begging scams during the holy month of Ramadan, urging the public not to respond to suspicious donation appeals shared on websites and social media.

The Anti-Cybercrime Department at the General Department of Criminal Investigation said fraudsters and organised groups are exploiting the spirit of compassion and generosity that defines Ramadan, using fake causes and emotional stories to illegally collect money.

Authorities stressed that donations and zakat should only be made through officially licensed and authorised charitable organisations in the UAE to ensure funds reach genuine beneficiaries.

Online begging is a criminal offence under Federal Decree Law No. 34 of 2021 on Combating Rumours and Cybercrimes. Article 51 states that anyone found soliciting money through information technology means can face up to three months’ imprisonment and a fine of no less than Dh10,000, or one of the two penalties.

Residents are encouraged to report suspected cases by calling 901, using the Police Eye service on the Dubai Police smart app, or submitting a report via the official eCrime platform.

The warning forms part of Dubai Police’s annual “Combat Begging” campaign, launched under the slogan “An Aware Society Without Begging.” Running throughout Ramadan, the initiative aims to curb both individual and organised begging, raise awareness, and promote safe and regulated charitable giving.

The campaign is being carried out in cooperation with the General Directorate of Residency and Foreigners Affairs in Dubai and the Islamic Affairs and Charitable Activities Department.

Dubai Police reiterated that protecting the spirit of generosity during Ramadan is a shared responsibility, calling on residents to remain vigilant and support only trusted, authorised channels when giving back this month.

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