UAE Central Bank Revokes Licence Of Gomti Exchange For Violating Anti-Money Laundering Law

2025-07-31 04:18:54

(MENAFN- Khaleej Times)

The Central Bank of the UAE (CBUAE) has revoked the licence of Gomti 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 imposed based on the results of the findings of examinations conducted by the CBUAE, which revealed that the Exchange House had significant failures to comply with the Anti-Money Laundering and 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.

On Wednesday, July 30, the regulator authority had revoked the licence of Al Nahdi Exchange.

On Tuesday, July 29, the UAE Central Bank suspended the motor insurance business of a foreign insurance company's branch (insurer).

The legal action comes after the entity failed to comply with the solvency and guarantee requirements, specified in the law and prevailing regulations governing insurance companies in the UAE.

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