The Central Bank of the UAE (CBUAE) has officially revoked the licence of Al Nahdi Exchange, removing it from the Register of Exchange Houses permitted to operate in the country. The action follows a comprehensive examination by the regulator, which revealed serious lapses in the company’s compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) obligations, as well as breaches related to international sanctions rules.
The CBUAE stated that the decision was taken under Article (137) of Decretal Federal Law No. (14) of 2018, which governs the regulation of financial institutions within the UAE. According to the Central Bank, revoking the licence was necessary “to preserve the integrity and transparency of the UAE’s financial system.”
Statement Highlights Broader Regulatory Enforcement
In its official statement, the Central Bank said: “The CBUAE, through its supervisory and regulatory mandates, ensures that all exchange houses, their owners, and staff comply with UAE laws and the regulatory standards established by the Central Bank.”
This move comes as part of a broader effort to maintain financial stability and curb illicit financial activity. Recently, the CBUAE fined another UAE-based exchange house Dh2 million for similar AML violations, reinforcing its ongoing enforcement posture.
No Further Details on Legal Ramifications Yet
Al Nahdi Exchange is now prohibited from offering financial services in the UAE. The Central Bank has not disclosed whether further legal or financial penalties are pending. However, the revocation underscores the CBUAE’s firm commitment to upholding global compliance standards and preventing the misuse of financial institutions.
