UAE Central Bank revokes Al Nahdi Exchange’s licence over money laundering violations

The Central Bank of the UAE (CBUAE) announced in a statement that it has decided to revoke the licence of Al Nahdi Exchange and remove its name from the register under Article 137 of Federal Decree-Law No. (14) of 2018 concerning the Central Bank and the regulation of financial institutions and activities, along with its amendments.

According to the CBUAE’s statement, the decision follows an assessment of inspection findings which revealed significant failures in the company’s compliance with the Anti-Money Laundering (AML), Counter-Terrorist Financing (CTF), and sanctions frameworks.

The CBUAE, through its regulatory and supervisory roles, ensures that all exchange companies, their owners, and employees comply with applicable laws, regulations, and standards.

This is aimed at maintaining the transparency and integrity of the exchange sector and safeguarding the stability of the UAE’s financial system.