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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 alert: Fake insurance scams are exploding, don’t pay until you read this

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A new warning from Dubai Police is putting residents on high alert as fraudulent insurance schemes surge across the emirate, many of them spreading rapidly through social media.

As part of its ongoing BewareofFraud campaign, authorities revealed that unlicensed companies are luring victims with “too-good-to-be-true” deals, often advertising heavily discounted vehicle and health insurance packages designed to trick unsuspecting buyers.

These fake operators typically promise quick, hassle-free policies at prices far below market rates—pushing some residents to make payments without checking whether the company is legitimate. By the time doubts arise, the money is often gone.

Officials stressed that all legitimate insurers in the UAE are tightly regulated and must follow strict procedures to protect customers. Any offer that seems unusually cheap or rushed should raise immediate red flags.

Despite ongoing monitoring and legal action against fraudsters, Dubai Police made it clear: awareness is your strongest defence. Residents are strongly urged to verify licences, double-check documentation, and avoid engaging with suspicious online ads.

Anyone who encounters potential scams is encouraged to report them immediately via the eCrime platform or by calling 901, the dedicated non-emergency helpline.

With scams becoming more sophisticated, one simple rule could save you: if it feels too good to be true, it probably is.

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Dubai Police warn against fake news, urge public to rely only on official sources

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Dubai Police have issued a public advisory warning residents against the spread of misinformation, stressing that relying on unverified sources can threaten community safety and stability.

In a statement shared on social media, authorities highlighted how the speed of modern communication has made it easier for inaccurate information to circulate, sometimes deliberately to create panic and anxiety.

Officials emphasised that individuals play a critical role in maintaining public order, noting that sharing unverified content can have serious consequences. “What we share matters,” the statement said, adding that misinformation can undermine public safety.

Residents have been urged to act responsibly online by verifying information before sharing and relying only on official sources for updates.

The advisory also referenced warnings from UAE Public Prosecution, which confirmed that individuals who repost or circulate rumours—even if they are not the original creators—can face legal action under the country’s cybercrime laws.

Authorities reiterated that responsible digital behaviour is essential to protecting both individual and community well-being.

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Dubai scam alert: Authority warns of fake QR code scams as cyber fraud attempts rise

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The Dubai Electronic Security Centre (DESC) has issued a warning over a growing number of scams involving fake QR codes, especially those sent through email.

According to the authority, cybercriminals are exploiting how quickly information spreads by sharing QR codes that appear to offer urgent updates or important services. However, scanning these codes can expose users to serious risks.

DESC explained that such QR codes may install malware on devices or redirect users to fake websites designed to steal personal and financial information.

How to protect your device

Residents are being urged to stay cautious by verifying the source of any email before scanning QR codes, avoiding suspicious messages, and never entering sensitive details on untrusted links.

To boost online safety, DESC also recommends using the RZAM app, which provides real-time alerts about unsafe websites and allows users to scan links before opening them.

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