The Central Bank cancels the license of Al-Omda Exchange and fines it 10 million dirhams

The Central Bank of the United Arab Emirates canceled the license of Al-Omda Exchange Company and deleted its name from the licensing register. It also 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 of the United Arab Emirates, which revealed the company’s failures and violations of the provisions of the Central Bank Law and related regulations. The Central Bank of the United Arab Emirates, through its supervisory and regulatory duties, works to ensure that exchange companies, their owners and employees comply with the laws.