CBUAE imposes financial sanctions of Dhs4.1 million on three exchange houses
The financial sanction has been imposed after assessing the findings of examination conducted by the CBUAE, which revealed that the three exchange houses failed to comply with AML/CFT policies and procedures.
The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all exchange houses, their owners, and staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
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Campaign ME
6 hours ago
- Campaign ME
Emirates NBD's anti-fraud campaigns enhance consumer protection
As banking undergoes a digital revolution, the sophistication of financial fraud is keeping pace. As banks adopt advanced technologies to improve customer experience and streamline operations, cybercriminals are similarly exploiting these innovations to craft more sophisticated schemes targeting mobile and online users. Recognising the pressing challenge of fraud, Emirates NBD, a prominent banking group in the MENAT region, has unveiled a multifaceted anti-fraud initiative under the banner of #UnitedAgainstFraud. This comprehensive campaign, launched in collaboration with Dubai Police and the Central Bank of the UAE and featuring a series of consumer awareness videos on social media, exemplifies the bank's unwavering commitment to customer protection. Financial fraud has become increasingly sophisticated, with scammers exploiting digital platforms to target unsuspecting victims. Emirates NBD's proactive stance aims to raise public awareness and educate consumers about real-time scams, encouraging individuals to remain vigilant against fraudulent activities and actively report such incidents. Emirates NBD has remained at the forefront of customer protection in digital banking, committing AED 1bn to digital transformation. This significant allocation supported a four-year IT transformation, which entered its final year in 2020, and was dedicated to building world-class capabilities through significant architecture, infrastructure, operating model and platform upgrades. The bank's approach acknowledges that technology alone cannot combat this threat – it requires a collaborative effort between financial institutions, law enforcement, and an educated public. The #UnitedAgainstFraud campaign emerges from this understanding, representing a holistic approach that goes beyond traditional security measures to create a culture of awareness and vigilance. The #UnitedAgainstFraud campaign, featuring innovative Ripple Effect storytelling, immersive Vox cinema experiences, a 'Spot the Fraudster' campaign, and trending social content, builds on a legacy of public awareness efforts. These include the 2023 #IWillSurvive campaign, an upbeat video adapted from Gloria Gaynor's hit to encourage fraud reporting, and the 2019 Dubai Police collaboration 'It Wasn't Me' video, which provided identity and account security guidelines. The #UnitedAgainstFraud campaign has delivered exceptional results across multiple channels and touchpoints, showcasing the power of integrated marketing strategies in public awareness initiatives. The diverse campaign portfolio demonstrates remarkable versatility in audience engagement approaches. 'The campaign goes beyond traditional security measures to create a culture of awareness and vigilance.' Collectively, the campaign generated an impressive 13.7 million total impressions and successfully reached 7.5 million people, with the 'Spot the Fraudster' series alone contributing 814,000 views to the overall engagement figures. These outstanding metrics not only highlight the campaigns' extraordinary success in capturing widespread public attention but also validate the effectiveness of combining creative narrative techniques with urgent educational messaging. One of the most impactful components of the #UnitedAgainstFraud initiative is the Ripple Effect campaign, which illustrates the far-reaching consequences of unreported fraud. This campaign utilises powerful storytelling to demonstrate how silence in the face of scams creates a dangerous cycle that affects not just individual victims, but entire communities. The campaign features two compelling video narratives that drive home a critical message about fraud reporting. The first video emphasises that scammers thrive when their activities go unreported, creating a dangerous ripple effect of consequences that spread beyond the initial victim. The second video in the series represents a ground-breaking achievement in regional advertising. Emirates NBD pioneered the region's first AI-powered storytelling film for fraud awareness, featuring Hanan's story set in a virus lab. This creative approach uses the metaphor of viral spread to illustrate how unreported scams multiply and contaminate the digital ecosystem, much like a virus spreading through a laboratory. The AI-generated narrative serves as a bold reminder that every report of a scam counts, encouraging viewers to speak up, stay safe, and remain vigilant. The campaign demonstrates how cutting-edge technology can be leveraged for social good, creating impactful messaging that resonates with modern audiences. Another notable and successful activation is the Freej video campaign, where the bank teamed up with the much-loved characters from Freej to raise awareness among Emiratis about various types of fraud activities, and how to avoid them. The 'Spot the Fraudster' campaign transforms fraud education into an engaging, interactive experience that challenges participants to differentiate between legitimate contacts and potential scammers. By offering AED 2,000 as an incentive, the campaign creates a compelling reason for public participation while building critical fraud detection skills. This gamification approach makes the serious topic of fraud prevention accessible and engaging for younger demographics who might otherwise ignore traditional awareness campaigns. The interactive nature of 'Spot the Fraudster' serves multiple educational purposes. Participants must actively analyse communication patterns, identify red flags, and make decisions about legitimacy – exactly the skills they need in real-world situations. By encouraging participants to think critically about potential threats, the campaign builds lasting behavioural change that extends far beyond the game itself. One of the most eye-opening initiatives within the #UnitedAgainstFraud campaign is the Vox social experiment, which provided crucial insights into real-world consumer behaviour when faced with potential scams. Conducted with 220 moviegoers at a local UAE cinema, this experiment created a controlled environment to test how people respond to fraudulent schemes in realistic settings. The experiment placed unsuspecting cinema attendees in a simulated real-time scam situation where a bot offered free popcorn via an SMS link, leading to a mock hacking experience for participants. The results were both sobering and educational: nearly 90 per cent of participants fell for the scam, highlighting the vulnerability of even cautious consumers to well-crafted fraudulent schemes. This activation effectively illustrated how easily personal details, OTPs, and banking information can be compromised through seemingly innocent interactions. More importantly, it created a lasting psychological impact on participants who experienced first-hand the sophisticated nature of modern scams. The social experiment also highlighted the importance of staying vigilant across all digital platforms, as fraudsters increasingly use diverse channels including social media, messaging apps, and even entertainment venues to reach potential victims. The campaign emphasised that scammers continuously adapt their tactics, using various platforms and sources to attack victims and steal information, personal details, IDs, OTPs, and banking information. Likewise, Emirates NBD's video awareness series represents a dynamic approach to fraud prevention that tackles the most current and prevalent fraud schemes targeting UAE consumers. This responsive strategy ensures that fraud prevention education remains relevant and timely, addressing emerging threats as they appear in the market. The comprehensive series covers a wide range of contemporary scams that affect different segments of the UAE population. For instance, the fake Hajj scam video, contextually produced for the Hajj season, addresses the exploitation of religious obligations, warning consumers about unofficial packages that lack proper permits and official procedures. The message is clear: 'Don't let scammers ruin your Hajj. Every year, many people get tricked by fake Hajj deals that lead to nothing. If someone offers you a package without proper permits, official steps, or a real office, it's not a deal, it's a scam.' This campaign specifically targets one of the UAE's most vulnerable demographics during holy seasons, when emotional investment can override rational decision-making. Concert ticket fraud receives attention through messaging that encourages consumers to secure their entertainment experiences by purchasing only from verified websites or trusted sellers. The campaign uses relatable language – 'Don't let fake tickets steal your spotlight!' – that resonates with younger demographics who frequently purchase entertainment tickets online, connecting with their interests while delivering crucial safety information. The UAE Pass scam video addresses a particularly sophisticated form of identity theft targeting official government services. The campaign emphasises that 'Scammers are after your UAE Pass. Don't let them steal your identity. Never share your banking details or OTPs.' Given the UAE Pass's critical role in accessing government services, this campaign addresses a threat that could compromise both personal finances and official documentation access. WhatsApp scams, which often begin with deceptively friendly greetings, receive specific attention in a video that highlights how innocent interactions can lead to financial loss. The campaign message – 'WhatsApp scams may start with a friendly 'Hi!' But it can end in financial loss' – encourages consumers to question everything and protect their digital lives, acknowledging that modern scams often begin with social engineering rather than obvious requests for money. Seasonal awareness is addressed through targeted Black Friday campaigns that warn against fake deals and phishing scams during high-volume shopping periods. These campaigns provide practical guidance, encouraging consumers to 'tick the checklist' before purchasing and report suspicious activity immediately. The messaging combines prevention strategies with action-oriented responses: 'Don't let Black Friday become Black Fraud Day! Shop smart online and avoid shady deals. Safety over sales!' Through its 'United Against Fraud' campaign, Emirates NBD also actively educates labourers in camps on safe banking and financial literacy to prevent them from falling victim to scams. Beyond these social and community-focused initiatives, Emirates NBD's commitment to fraud prevention extends to the academic sphere as well. The strategic partnership between Emirates NBD and the University of Wollongong in Dubai (UOWD) represents a forward-thinking approach to fraud prevention education that targets students and the wider academic community. This collaboration recognises that young adults, particularly university students, represent both a vulnerable demographic and powerful advocates for fraud awareness within their social networks. The university partnership integrates fraud awareness into educational programmes and activities, ensuring that fraud prevention becomes part of the broader educational experience rather than a standalone initiative. Students, as digital natives, are simultaneously particularly vulnerable to sophisticated online scams and highly effective at spreading awareness through their extensive social networks. They often have limited financial experience but high digital engagement, making them prime targets for scammers while also serving as influential voices within their peer groups. Furthermore, the partnership extends the campaign's reach into the wider community, as students often serve as informal educators for family members and friends who may be less digitally savvy. This multiplier effect ensures that fraud prevention knowledge spreads beyond the immediate target demographic to reach vulnerable populations who might not otherwise receive this education. Contribution by Emirates NBD.
Arabian Business
8 hours ago
- Arabian Business
UAE central bank imposes $217,835 fine on exchange house
The Central Bank of the UAE (CBUAE) has fined a UAE exchange house AED 800,000 (US$217,835) for failing to abide by its money laundering and combating the financing of terrorism (ML/CFT) policies and procedures. The financial sanction was assessed as per 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. It was imposed after an examination conducted by the CBUAE assessed its findings. The CBUAE, through its supervisory and regulatory mandates, aims to ensure that all exchange houses, their owners, and staff comply with the UAE laws, regulations and standards, which have been established to maintain transparency and integrity of the industry and safeguard the UAE financial ecosystem.
Gulf Today
19 hours ago
- Gulf Today
UAE Central Bank imposes financial sanction of Dhs600,000 on a branch of a foreign bank
The Central Bank of the UAE (CBUAE) imposed a financial sanction of AED600,000 on a branch of a foreign bank operating in the UAE, 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 is based on the results of the findings of examinations conducted by the CBUAE, which revealed that the branch of the foreign bank had failed to comply with the Market Conduct and Consumer Protection Regulations and Standards. The CBUAE, through its supervisory and regulatory mandates, 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. WAM
