The Central Bank of the UAE (CBUAE) has fined Omda Exchange Dh10 million and removed the company from its official register.
The action follows CBUAE inspections that uncovered multiple breaches of the Central Bank Law and related regulations by Omda Exchange. The measures were taken under the Decretal Federal Law on the Central Bank and the Organisation of Financial Institutions and Activities, along with its amendments.
Through its supervisory and regulatory role, the CBUAE seeks to ensure that exchange houses, their owners, and employees fully comply with UAE laws and regulations, supporting transparency, integrity in financial transactions, and the stability of the country’s financial system.
Earlier this year, the Central Bank also imposed a Dh10.7 million fine on another exchange house for failing to comply with anti-money laundering and counter-terrorism financing (AML/CFT) policies and procedures.
In a separate action, the CBUAE revoked the licence of Al Nahdi Exchange and removed it from the register after examinations revealed serious shortcomings in its compliance with AML, combating the financing of terrorism and illegal organisations, and sanctions requirements.
