The Central Bank of the United Arab Emirates has revoked the license of 'Al Emada Exchange' and removed its name from the license register, imposing a financial penalty of 10 million dirhams on the company. This decision was made under a federal decree concerning the Central Bank and the regulation of financial institutions and activities, as well as its amendments. The revocation of the license and the imposition of the fine are based on the results of inspections conducted by the Central Bank, which revealed failures and violations by the company in accordance with the provisions of the Central Bank Law and related regulations. The Central Bank, through its supervisory and regulatory functions, aims to ensure that exchange companies, their owners, and their employees comply with the laws of the UAE, as well as the rules and standards approved by it, in order to maintain the transparency and integrity of financial transactions as part of efforts to protect the country's financial system.
