The Central Bank of the UAE has revoked the licence of Gomti Exchange and removed the firm from its official register after identifying major compliance failures related to anti-money laundering and counter-terrorism financing regulations.
The decision was made under Article 137 of Federal Decretal Law No. 14 of 2018 concerning the regulation of financial institutions. The revocation follows examinations by the central bank, which found that Gomti Exchange had breached the UAE’s framework for anti-money laundering, combating the financing of terrorism, illegal organisations, and sanctions compliance.
The move is part of the central bank’s supervisory powers aimed at enforcing financial sector rules and ensuring that exchange houses adhere to national laws and regulations. The CBUAE has previously stated that oversight of money exchange businesses is a core part of its mandate to protect the country’s financial system and maintain operational integrity within the sector.
The UAE has taken a series of measures in recent years to strengthen its anti-money laundering controls, including tighter supervision of exchange houses, enhanced regulatory frameworks, and cooperation with international financial monitoring bodies.
Gomti Exchange is the latest entity to have its licence revoked, as regulators continue to assess the compliance posture of firms operating in the UAE’s remittance and currency exchange sector.
