UAE Central Bank imposes financial sanction of Dhs600,000 on branch of a foreign bank

The Central Bank of the UAE (CBUAE) imposed a financial sanction of Dhs600,000 on a branch of a foreign bank operating in the UAE, pursuant to 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 financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed that the branch of the foreign bank had failed to comply with the Market Conduct and Consumer Protection Regulations and Standards.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all Banks and their staff, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system.

WAM