UAE central bank fines foreign bank branch $164,000 for regulatory violations
The penalty was issued 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 stems from findings during examinations conducted by the CBUAE, which revealed that the foreign bank branch had failed to comply with the Market Conduct and Consumer Protection Regulations and Standards.
The CBUAE stated that through its supervisory and regulatory mandates, it '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.'
The central bank did not identify the specific foreign bank branch that received the penalty.
The enforcement action demonstrates the CBUAE's commitment to maintaining regulatory compliance across all banking institutions operating within the UAE's financial system.
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