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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

WhatsApp refund message binding, events firm must pay Dh13,000, says Abu Dhabi court

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The Abu Dhabi Commercial Court of First Instance has ordered an events management company to refund Dh13,000 to a woman after ruling that the company had confirmed the refund in writing via phone messages but failed to repay the amount.

According to court records, the woman filed a lawsuit seeking recovery of the money she paid to organise a private event, along with legal interest, expedited enforcement, and compensation for court costs and legal fees.

Refund promised after event shortcomings

The claimant told the court that she had entered into a contract with the company to organise a private function. The agreement explicitly stated that payments would be refunded in the event of organisational shortcomings.

She said the company later acknowledged defects in the event arrangements and agreed to return the full amount, but failed to do so despite repeated follow-ups, according to reports.

WhatsApp messages used as evidence

To support her claim, the woman submitted:

  • A copy of the signed contract
  • A company-issued document
  • Bank transfer records
  • WhatsApp messages exchanged with the company’s representative

The messages included a written confirmation that the company would refund Dh13,000 within 14 days of the event date.

Company disputes claim

The company’s owner attended the hearing and requested the case be dismissed, arguing that the claimant lacked legal standing. Alternatively, he asked the court to reject the claim, stating the woman was not entitled to interest because she was not a trader.

Court rejects defence, orders payment with interest

In its ruling, the court found that the documents established a valid contractual relationship between both parties. It noted that the WhatsApp messages were sent from the same phone number listed in the contract, confirming they were issued by the company’s representative.

The court said there was no evidence the refund had been made, and ruled that the owner’s appearance did not negate the debt or its value.

On interest, the court held that the unpaid amount constituted a known and confirmed debt, and that delay in payment entitled the claimant to compensation.

The company was ordered to:

  • Pay Dh13,000
  • Pay delay interest at 3% per year from the date of filing the claim until full settlement (capped at the principal amount)
  • Cover court costs and legal fees

The ruling highlights that written commitments made via WhatsApp or phone messages can carry legal weight in UAE courts, particularly when linked to a valid contract.

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Abu Dhabi Police warn public against fake online ads and fraud links

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Abu Dhabi Police are urging residents to stay alert when clicking on online advertisements, following a rise in electronic fraud involving misleading links 

In a public warning, police said unknown individuals are exploiting search engines, job portals, and real estate platforms to circulate fake links designed to steal personal and financial information.

According to authorities, scammers are creating websites that look legitimate and promoting ads with unusually low prices to lure users into entering credit card details and other sensitive data.

Abu Dhabi Police advised residents to use only officially approved apps and trusted platforms when shopping online or requesting services. Users are also urged to carefully verify links before clicking or entering any information.

The public has been warned not to share confidential details online, including:

  • Bank account or credit card information
  • Online banking passwords
  • ATM PINs and security codes
  • Any other sensitive personal credentials

Police also stressed the importance of safeguarding credit card details and avoiding platforms of questionable credibility.

Anyone who suspects fraud is encouraged to report it through the Aman service via:

  • Call centre: 800 2626
  • SMS: 2828
  • Abu Dhabi Police smart app
  • Email: aman@adpolice.gov.ae
  • Police station services on mobile phones

Abu Dhabi Police reaffirmed their commitment to raising cybersecurity awareness and combating online crime, as part of their ongoing efforts to enhance public safety and prevent fraud.

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AI scams are getting smarter: UAE Cybersecurity Council warns online fraud is harder than ever to spot

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Online scams are no longer easy to recognise, and artificial intelligence (AI) is the reason why.

The UAE Cybersecurity Council has issued a fresh warning saying AI-powered fraud is making online scams more convincing, faster to create, and far more difficult to detect. The alert comes as part of the council’s ongoing Cyber Pulse awareness campaign.

According to the council, criminals are now using advanced AI tools to do in seconds what once took days. This includes cloning voices, tweaking logos to look official, and crafting polished messages designed to spark urgency, fear, or panic.

Even more concerning? AI-driven phishing attacks are now linked to over 90 per cent of digital security breaches, with many scam messages carefully designed to remove the usual red flags like spelling mistakes or poor formatting.

Authorities are urging residents to be extra cautious when receiving messages that ask for personal or financial information, especially those containing links or claiming to be urgent security alerts. When in doubt, the advice is simple: stop, verify, and check through official channels before taking action.

The council also warned that highly realistic AI-generated images and advertisements circulating on social media are increasingly being used to mislead users into scams.

To stay safe, the Cybersecurity Council recommends:

  • Avoiding unverified links
  • Enabling multi-factor authentication
  • Using trusted security software
  • Double-checking messages for inconsistencies

Now in its second year, the Cyber Pulse campaign continues across social media as part of the UAE’s wider efforts to promote safe online behaviour and strengthen trust in the country’s rapidly evolving digital ecosystem.

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