The Central Bank of the UAE (CBUAE) has launched two new banknotes, in five and ten dirham denominations, made of polymer and enhanced by advanced technical characteristics and security features.
The Central Bank indicated that the second phase of the strategy of gradual withdrawal of the support plan will end in the middle of 2022, and many other measures that support recovery will remain in force at the present time.
The financial sanction comes as a result of the examination findings conducted by the CBUAE and revealed that the exchange house had a weak compliance framework regarding the required due diligence policies.
The guidance requires Licensed Financial Institutions to demonstrate compliance with its requirements within one month.
In its report on the Monetary & Banking Developments for May 2022, CBUAE clarified that the gross credit grew by 2.6 per cent rising from Dhs1,817.4 billion at the end of April 2022 to Dhs1,865.5 billion at the end of May 2022.
Since its launch in 2021, 46 UAE national supervisors completed the Executive Certificate Level 1 and are now eligible to join the Advanced Executive Certificate.
The exchange house used a civilian vehicle to transport the money instead of using Cash-in-Transit Agent. By doing so, it violated the CBUAE regulations and knowingly put the lives of its employees at risk.
The Central Bank of the UAE (CBUAE) has developed an enhanced framework to supervise banks’ exposures to the real estate sector. The new standards cover all types of on-balance-sheet loans and investments, and all off-balance-sheet exposures
The UAE Central Bank imposed administrative and financial penalties on a bank in the UAE for breaching the Anti-Money Laundering law.
Financial institutions will continue to be eligible to access the collateralised Dhs50 billion zero-cost liquidity facility up to 30 June 2022 to provide new loans and financing to individuals and small and medium-sized enterprises.