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The licence was revoked after the findings of CBUAE revealed that the exchange house had "significant" failures with complying with the Anti-Money Laundering and Combating the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.
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