The Central Bank cancels the license "Al Omda Exchange" A fine of 10 million dirhams will be imposed
Abu Dhabi, December 23 / WAM / The Central Bank of the United Arab Emirates revoked the license of Al-Omda Exchange Company, deleted its name from the licensing register, and imposed a fine of 10 million dirhams on it, in accordance with the Federal Decree Law regarding the Central Bank and the Regulation of Financial Establishments and Activities, and its amendments.
The cancellation of the license and imposition of a financial fine comes based on the results of inspections conducted by the Central Bank, which revealed the company’s failures and violations of the provisions of the Central Bank Law and related regulations.
The Central Bank works, through its supervisory and regulatory tasks, to ensure that exchange companies, their owners, and their employees adhere to the laws in force in the UAE, and the regulations and standards approved by it, with the aim of maintaining the transparency and integrity of financial transactions within the framework of efforts to protect the country’s financial system.
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and
