Khaberni - The Central Bank of the UAE has cancelled the license of the "Al Umda Exchange", erased its name from the license registry, and imposed a financial penalty of 10 million dirhams, pursuant to the Federal Decree-Law concerning the Central Bank, and the organization of the financial institutions and activities and its amendments.
The cancellation of the license and the imposition of the financial penalty were based on the results of inspections conducted by the Central Bank, which revealed failures and violations by the company regarding the provisions of the Central Bank law and related regulations.
Through its supervisory and regulatory tasks, the Central Bank ensures the compliance of exchange companies, their owners, and employees with the prevailing laws in the UAE, and the regulations and standards set by it, aiming to maintain transparency and integrity of financial transactions, as part of efforts to protect the country's financial system.
