The Central Bank of the UAE (CBUAE) has cancelled the license of Gomti Exchange. It is an exchange house in the UAE. However, the CBUAE’s decision has delisted its name from the official register. This action was taken in accordance with Article (137) of the Decretal Federal Law No. (14) of 2018, which governs financial institutions in the country.
The revocation came after the CBUAE performed a detailed inspection that revealed significant violations of the Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Sanctions framework. Moreover, the regulator stated that the exchange house failed to meet compliance standards critical to the national and global financial security.
Regulatory Action on Gomti Exchange Strengthens Financial Transparency
The CBUAE makes sure that all exchange houses and financial institutions, including their staff, follow the UAE’s laws and standards through its supervision and regulation responsibilities. Moreover, the aim is to save the clarity and integrity of the financial ecosystem and prevent illegal financial activity in the nation.
The move to revoke the license of Gomti Exchange is a part of the Central Bank’s continuous effort to protect the continuous effort to protect country’s reputation as a trusted global financial hub.
Foreign Insurer Suspended Over Solvency Violations
The CBUAE also suspended the motor insurance business of a foreign company’s UAE branch. However, the company reportedly failed to comply with solvency and guarantee requirements as mentioned in the UAE insurance regulation. Moreover, such financial weaknesses could negatively impact customers and policyholders.
Related Enforcement: Al Nahdi Exchange Licence Also Revoked
As we shared yesterday, the Central Bank of the UAE (CBUAE) has also revoked the license of the Al Nahdi exchange for similar violations to the Gomti case. Therefore, it shows the CBUAE’s commitment to protecting the nation from such cases.
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Central Bank of the UAE (CBUAE) revoked the Gumti exchange license
Foreign insurer suspended for major violation
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