UAE Central Bank Revokes Omda Exchange Licence, Imposes Dh10m Fine
Dubai: The Central Bank of the UAE has revoked Omda Exchange Licence, struck the firm off its official register, and imposed a financial sanction of Dh10 million.
The central bank said the action followed examinations that identified failures and violations of the Central Bank Law and related regulations by the exchange house, without disclosing any further details on the regulatory breaches.
The revocation was issued under the Decretal Federal Law concerning the Central Bank and the organization of financial institutions and activities, including its amendments.
The CBUAE said the measure forms part of its supervisory and regulatory mandate. The UAE Central Bank has been strict with any signs of non-compliance related to AML and other requirements.
It said it continues to ensure that exchange houses, their owners, and employees comply with UAE laws, regulatory requirements, and standards set by the central bank.
The aim is to preserve transparency and integrity in financial transactions and protect the stability of the UAE financial system.
