UAE Central Bank revokes licence of Al Nahdi Exchange

The Central Bank of the UAE (CBUAE) has revoked the licence of Al Nahdi Exchange, an Exchange House operating in the UAE, and struck its name off the Register, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.

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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The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff comply with the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the exchange houses industry and safeguard the UAE financial ecosystem.

Khaleej Times Staff

webteam@khaleejtimes.com