UAE central bank revokes Omda Exchange license, imposes AED10m fine
Company, established in late 1980s, was known for facilitating foreign exchange and money transfer services
December 24, 2025
ABU DHABI: The Central Bank of the UAE (CBUAE) has revoked the license of Omda Exchange and imposed a financial penalty of AED10 million (approximately Rs762.7 million) due to violations of financial laws and regulations.
Omda Exchange, a prominent currency exchange and remittance service provider in the UAE, was established in the late 1980s and had multiple branches in Dubai, Abu Dhabi, and Sharjah.
The company was known for facilitating foreign exchange and money transfer services.
The revocation and fine, as per the CBUAE, followed the findings of regulatory examinations, which uncovered significant breaches of its laws and related regulations.
These violations involved issues that undermined the transparency, integrity, and protection of the UAE's financial system.
The UAE central bank's efforts aim to maintain the highest standards in financial services and ensure all exchange houses, their owners, and staff comply with the country’s stringent financial regulations.
"The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system," the bank said in a statement.
