UAE slaps Dh10 million fine on Omda Exchange, revokes licence
The Central Bank of the UAE (CBUAE) has imposed a Dh10 million fine on Omda Exchange and removed the company from its official register.The decision follows CBUAE examinations that revealed multiple violations of the Central Bank Law and related regulations by Omda Exchange. These measures were taken in line with the Decretal Federal Law on the Central Bank and the Organisation of Financial Institutions and Activities, including its amendments.Stay up to date with the latest news. Follow KT on WhatsApp Channels.Through its supervisory and regulatory mandate, the CBUAE aims to ensure that all exchange houses, their owners, and staff fully comply with UAE laws and regulations. This helps maintain transparency, integrity in financial transactions, and the overall stability of the UAE’s financial system.Earlier in the year, the Central Bank of the UAE also imposed a massive fine of Dh10.7 million on another exchange house. This financial sanction was imposed after the authority found that the exchange house failed to comply with the AML/CFT policies and procedures.The authority also revoked the licence of Al Nahdi Exchange, which was operating in the country, and struck its name off the Register.The licence revocation was based on the CBUAE's examination findings, which revealed significant failures by the Exchange House to comply with the Anti-Money Laundering, Combating the Financing of Terrorism and Illegal Organisations, and Sanctions framework.
The Central Bank of the UAE (CBUAE) has imposed a Dh10 million fine on Omda Exchange and removed the company from its official register.
The decision follows CBUAE examinations that revealed multiple violations of the Central Bank Law and related regulations by Omda Exchange.
These measures were taken in line with the Decretal Federal Law on the Central Bank and the Organisation of Financial Institutions and Activities, including its amendments.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Through its supervisory and regulatory mandate, the CBUAE aims to ensure that all exchange houses, their owners, and staff fully comply with UAE laws and regulations. This helps maintain transparency, integrity in financial transactions, and the overall stability of the UAE’s financial system.
Earlier in the year, the Central Bank of the UAE also imposed a massive fine of Dh10.7 million on another exchange house.
This financial sanction was imposed after the authority found that the exchange house failed to comply with the AML/CFT policies and procedures.
The authority also revoked the licence of Al Nahdi Exchange, which was operating in the country, and struck its name off the Register.
The licence revocation was based on the CBUAE's examination findings, which revealed significant failures by the Exchange House to comply with the Anti-Money Laundering, Combating the Financing of Terrorism and Illegal Organisations, and Sanctions framework.
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