The Central Bank of the UAE (CBUAE) has imposed a financial sanction of AED600,000 on a branch of a foreign bank operating within the UAE, citing violations of the Market Conduct and Consumer Protection Regulations and Standards.
The decision was made pursuant to Article 137 of Decree Federal Law No. 14 of 2018, which governs the Central Bank and the organization of financial institutions and activities in the UAE.
The CBUAE financial sanction follows an examination conducted by the central bank, which found that the foreign bank branch had failed to comply with the regulatory standards designed to protect consumers and ensure fair market practices.
Regulatory Oversight Reinforced
In a statement, the CBUAE reiterated its commitment to maintaining the transparency and integrity of the banking sector, stressing that all licensed financial institutions operating in the country must adhere to the laws and guidelines issued by the central bank.
“The Central Bank, through its supervisory and regulatory mandates, ensures that all banks and their staff abide by the UAE laws, regulations, and standards adopted to safeguard the financial system,” the statement said.
While the identity of the foreign bank has not been disclosed, the regulatory action underscores the UAE’s zero-tolerance approach to non-compliance in the financial sector, particularly regarding consumer protection and ethical market conduct.
The move also signals the CBUAE’s continued efforts to uphold the UAE’s reputation as a transparent, rules-based financial hub, aligned with global standards of financial governance.
–Input WAM
