UAE Central Bank revokes Al Nahdi Exchange licence for money laundering

Dubai: The Central Bank of the UAE (CBUAE) has revoked the licence of Al Nahdi Exchange, effectively removing the company from the official Register of Exchange Houses operating in the country.

The move comes following an in-depth examination by the Central Bank, which uncovered major compliance breaches in anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks, as well as violations related to international sanctions regulations.

The decision was made in accordance with Article (137) of the Decretal Federal Law No. (14) of 2018 concerning the Central Bank and the regulation of financial institutions in the UAE.

In a statement, the CBUAE said the revocation was necessary to preserve the integrity and transparency of the UAE’s financial system.

“The CBUAE, through its supervisory and regulatory mandates, ensures that all exchange houses, their owners, and staff comply with UAE laws and the regulatory standards established by the Central Bank,” the statement said.

The Central Bank reaffirmed its commitment to strengthening the UAE’s financial stability and preventing the misuse of financial institutions for illicit activities, particularly through robust supervision of licensed entities.

Al Nahdi Exchange will no longer be permitted to operate in the UAE’s financial services sector. No further details were provided on whether any additional penalties or legal actions are under consideration.