The Central Bank of the UAE (CBUAE) has levied a fine of Dhs600,000 ($163,000) against a branch of a foreign bank operating within its jurisdiction. This measure was taken under Article (137) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and the Regulation of Financial Institutions and Activities, along with its amendments.
The penalty resulted from audits conducted by the CBUAE, which revealed that the bank branch did not adhere to the guidelines established in the Market Conduct and Consumer Protection Regulations and Standards.
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The CBUAE emphasized its dedication to ensuring that all financial institutions and their staff operate in accordance with the laws of the UAE and the regulatory framework set forth by the Central Bank. Such initiatives are designed to maintain transparency and uphold the integrity of both the banking sector and the wider financial system.