The central bank cancels the “Nahdi Exchange” license

The Emirates Central Bank canceled the license of Al -Nahdi Exchange Company, and its name was removed from the record, according to Article (137) of the Decree of a Federal Law No. (14) of 2018 regarding the central bank and the organization of facilities and financial activities and its amendments.

The decision to cancel the license comes based on the evaluation of the results of the inspections conducted by the Central Bank, which revealed the existence of severe failures related to the company’s non -compliance with the framework of facing money laundering, terrorist financing, financing of illegal organizations, and sanctions.
Through its regulatory and organizational duties, the central bank is destroyed to ensure the commitment of all exchange companies, their owners and employees to legislation in the state, regulations and standards approved by it, with the aim of preserving the transparency and integrity of the exchange sector, and protecting and stabilizing the state’s financial system.