CBUAE revokes licence of 'Omda Exchange', imposes financial sanction of Dhs10 million

The Central Bank of the UAE (CBUAE) has revoked the licence of “Omda Exchange” operating in the UAE, struck its name off the Register and imposed a financial sanction of Dhs10 million, pursuant to the Decretal Federal Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.

The revocation and financial sanction were imposed based on the results of the findings of examinations conducted by the CBUAE, which revealed failures and violations of the Central Bank Law and related regulations by the Exchange House.

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

WAM