The UAE Central Bank headquarters. ARCHIVE

The Central Bank of the UAE (CBUAE) has revoked the licence of Gomti Exchange, removing it from the official register after the company was found to have committed serious violations of the UAE’s anti-money laundering and counter-terrorism financing laws. In an announcement on Wednesday (July 30), the regulator said the action follows an investigation that revealed "significant failures" by the exchange house to comply with legal and regulatory frameworks. On Wednesday, it also revoked the licence of Al Nahdi Exchange. The CBUAE emphasized that the move was part of its ongoing commitment to uphold the transparency and integrity of the UAE’s financial system. “The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff comply with UAE laws,” the statement said. This is the third enforcement action by the Central Bank within the same week. On Tuesday (July 29), it suspended the motor insurance business of a foreign insurance company’s UAE branch for failing to meet solvency requirements.  The latest actions underscore the CBUAE’s strict approach in ensuring compliance across the financial and insurance sectors in the UAE. ICA/Expat Media
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