UAE authority warns against dealing with unlicensed firm Excellence Fx

UAE's financial regulatory agency issued an alert, warning consumers of an unlicensed company.

Excellence Fx Limited Company and its website are not licensed by the Securities and Commodities Authority (SCA), it said in a post.

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The company does not have a licence to practice any financial activity or service subject to the authority's regulation and licensing. Further, the authority also said it is not responsible for any dealings that consumers undertake with the company.

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Earlier this year, SCA took regulatory action against companies, imposing fines of Dh1.15 million for non-compliance with provisions combating money laundering and terrorist financing, and violations of regulations.

Waleed Saeed Al Awadhi, CEO of SCA, earlier stressed that the authority will continue its commitment to enhancing transparency and protecting investors, while continuing its regulatory efforts to ensure the highest standards of integrity in the financial sector.