CBUAE imposes administrative sanction on S&S House

The Central Bank of the UAE (CBUAE) imposed on 18th of April 2021, an administrative sanction on S&S Brokerage House operating in the UAE, pursuant to Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities (as amended by Decretal Federal Law No. (25) of 2020).

The CBUAE found that S&S Brokerage House has ceased to carry on one or more of its licensed financial activities for a period exceeding one year, and accordingly, decided to revoke their license and strike their name off the register. The time limit for appeals has expired on 9th May, 2021 and the Central Bank’s procedures have been concluded.

As the supervisory authority of brokerage firms operating in the UAE, the CBUAE is committed to ensuring all brokerages abide by UAE laws and the regulations and standards issued by the CBUAE, in an effort to safeguard the transparency and integrity of the business of brokerages. The Central Bank of the UAE announced recently that it has been working with SWIFT on an initiative to further enhance the speed and transparency of cross-border payments. The CBUAE will be the first central bank globally to implement such an initiative. T

The integration between the CBUAE’s domestic UAE Funds Transfer System (UAEFTS) and SWIFT’s ‘gpi Tracker’, will allow financial institutions sending cross-border payments to the UAE to benefit from increased transparency, certainty, and seamless transmission between the SWIFT network and the UAEFTS, by relying on the Tracker that is a tool offered by SWIFT, to enable banks to track their payment flows end-to-end in real-time.

WAM