The Central Bank of the UAE has revoked the licence of Al Nahdi Exchange and removed the company from its official register following compliance failures related to anti-money laundering rules.
The decision was made under Article 137 of Decretal Federal Law No. 14 of 2018, which governs the regulation of financial institutions in the country. The move follows an investigation by the Central Bank that identified major shortcomings in Al Nahdi Exchange’s adherence to anti-money laundering (AML), counter-terrorism financing, and sanctions compliance requirements.
The findings pointed to breaches in the Exchange House’s obligations to detect and prevent illicit financial activity, prompting regulators to revoke its authorisation to operate in the UAE.
The Central Bank said the action aligns with its supervisory mandate to ensure financial institutions, their owners, and employees meet regulatory obligations under UAE law. It added that enforcement efforts are aimed at protecting the integrity of the financial system and maintaining confidence in the exchange house sector.
The UAE has increased scrutiny of financial entities in recent years, including applying stricter controls across the remittance and currency exchange sectors. The revocation of Al Nahdi Exchange’s licence adds to a series of regulatory actions taken to bring non-bank financial firms into compliance with international standards on financial crime.
