Latest news with #GomtiExchange
Gulf Insider
20 hours ago
- Business
- Gulf Insider
UAE Central Bank Imposes Over Dh370 Million In Fines On Banks, Exchange Firms, And Insurers
The Central Bank of the UAE has imposed more than Dh370.3 million ($101 million) in fines since the start of 2025 against banks, money exchange houses, insurers, and a finance company, in one of its most extensive enforcement campaigns in years, according to a review of official statements issued by the regulator. The penalties, also included license cancellations, suspensions, and restrictions on operations, were the result of the central bank's intensifying scrutiny of the country's financial sector, as it seeks to reinforce its credibility as a global financial hub and shed lingering reputational risks related to money laundering and terrorism financing. Since January, the regulator has announced penalties against at least 13 money exchange firms, seven insurance and brokerage companies, 10 banks, including three foreign lenders, and one finance company. In some cases, senior executives were personally fined, including one branch manager who was ordered to pay Dh500,000 and barred from holding specialized financial roles in the country. The most severe sanctions came in May, when the central bank imposed a Dh200 million fine on a money exchange company, alongside a Dh500,000 penalty against its branch manager. Earlier in the year, one firm was hit with a Dh100 million fine, while foreign banks were penalized with multimillion-dirham sanctions for compliance failures. In addition to monetary fines, the regulator revoked the licenses of several exchange houses, including Gomti Exchange and Al Hindi Exchange, and shut down branches of foreign insurers. It also forced one local bank to halt onboarding new Islamic banking clients for six months after inspectors identified significant compliance lapses. The penalties resulted from inspections that revealed violations in three areas: non-compliance with federal laws governing licensed financial institutions, weak anti-money laundering (AML) and counter-terrorism financing (CFT) systems, and breaches of consumer protection and market conduct standards. 'The Central Bank will not tolerate violations that undermine transparency, consumer protection, or the integrity of the financial system,' the regulator said, emphasizing its role in safeguarding stability in the UAE's banking and exchange sectors. 'While the central bank has long imposed penalties, the decision to publish details more consistently signals a commitment to transparency and to bolstering the efficiency of the financial system,' said Ahmed Youssef, a veteran banking analyst in Dubai. He added that the measures reinforce the UAE's position as a trusted regional and international financial hub, especially in the wake of the European Union's recent decision to remove the country from its list of high-risk jurisdictions for money laundering and terrorism financing. Another analyst, Amjad Nasr, noted that the crackdown reflects 'a proactive supervisory model' designed not just to punish, but to enforce corrections and upgrades within financial institutions. 'Despite clear regulatory roadmaps, some firms remain slow to modernize or fail to strengthen their compliance frameworks,' he said. 'In such cases, fines are not an end in themselves but a corrective tool to force accountability.' The UAE has long sought to balance its rapid economic growth with the need to meet international compliance standards. Failure to do so, experts warn, could risk blacklisting by global bodies, a move that would constrain cross-border banking operations and discourage foreign investment. The central bank's clampdown comes just months after the European Parliament's approval of removing the UAE from its 'high-risk' AML list, a development officials hailed as recognition of the country's improved regulatory regime.
Fintech News ME
31-07-2025
- Business
- Fintech News ME
Gomti Exchange License Revoked by CBUAE Over Compliance Breaches
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.
Dubai Eye
31-07-2025
- Business
- Dubai Eye
UAE Central Bank revokes licence of Gomti Exchange
The Central Bank of the UAE (CBUAE) has revoked the licence of Dubai-based Gomti Exchange and removed its name from the registry over alleged non-compliance with anti-money laundering laws. The authority said the move against the exchange house comes under Article (137) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities and its amendments. The licence was revoked after the findings of CBUAE revealed that the exchange house had "significant" failures with complying with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and Sanctions framework. The CBUAE said it aims to ensure that all exchange houses, their owners, and staff comply with the UAE laws, regulations and standards established by the authority to maintain transparency and integrity of the exchange houses industry and safeguard the UAE financial ecosystem.
Zawya
31-07-2025
- Business
- Zawya
CBUAE revokes licence of Gomti Exchange
Abu Dhabi: The Central Bank of the UAE (CBUAE) has revoked the licence of Gomti Exchange, an Exchange House operating in the UAE, and struck its name off the Register, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities and its amendments. The licence revocation was imposed based on the results of the findings of examinations conducted by the CBUAE, which revealed that the Exchange House had significant failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations and Sanctions framework. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff comply with the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the exchange houses industry and safeguard the UAE financial ecosystem.
