The Central Bank of the United Arab Emirates has ordered the closure of Omda Money Exchange after identifying serious regulatory breaches, underscoring the authority’s zero-tolerance approach toward financial misconduct. The decision forms part of ongoing efforts to strengthen compliance, transparency, and stability within the country’s financial system.
According to officials, the action followed supervisory inspections that revealed violations related to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. The Central Bank stated that licensed financial institutions are required to adhere strictly to national laws and international standards designed to prevent financial crimes and protect the integrity of the UAE’s banking and exchange sector.
The closure reflects the regulator’s broader strategy to enhance oversight of exchange houses, remittance providers, and other non-bank financial institutions. Authorities emphasized that enforcement measures are applied consistently to ensure market discipline and maintain public confidence in the financial system.
The Central Bank reiterated that it will continue conducting regular inspections and taking decisive action against entities found to be non-compliant. Licensed institutions were reminded of their obligation to maintain robust internal controls, customer due-diligence procedures, and reporting mechanisms.
Industry observers note that the move sends a strong signal to the market, reinforcing the UAE’s commitment to combating illicit financial flows and aligning with global best practices. The UAE has, in recent years, intensified regulatory reforms to support its position as a leading international financial and business hub.
The Central Bank stressed that safeguarding financial stability remains a top priority, adding that further enforcement actions may follow if violations are detected.
