The Central Bank of the UAE (CBUAE) has revoked the license of Gomti Exchange, an exchange house operating in the UAE, and removed its name from the Register, in accordance with Article (137) of Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.

The revocation follows examinations conducted by the CBUAE, which uncovered “significant failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and Sanctions framework.”

In line with its supervisory and regulatory responsibilities, the CBUAE seeks to ensure that all exchange houses, their owners, and staff act in accordance with UAE laws, regulations, and the standards it sets, in order to uphold the integrity and transparency of the exchange sector and safeguard the country’s financial system.

Featured image credit: CBUAE