The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dhs600,000 ($163,000) on a branch of a foreign bank operating in the country. The action was taken in accordance with Article (137) of Decretal Federal Law No. (14) of 2018 concerning the Central Bank and Organisation of Financial Institutions and Activities, along with its subsequent amendments.
The sanction follows examinations carried out by the CBUAE, which found that the branch had failed to meet the requirements set out in the Market Conduct and Consumer Protection Regulations and Standards.
Read: UAE Central Bank boosts gold reserves by over 19% in Q1
In a statement, the CBUAE reaffirmed its commitment to ensuring all banks and their employees comply with UAE laws and the regulatory framework established by the Central Bank. These efforts are aimed at safeguarding transparency and upholding the integrity of the banking sector and the broader financial system.
