Staff Writer
ABU DHABI - The Central Bank of the UAE (CBUAE) imposed a financial sanction of AED1,820,000 on a branch of a foreign bank licensed to operate in the UAE, pursuant to the provisions of the Federal Decree-Law No. (6) of 2025 Regarding the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business.
The financial sanction was imposed following examinations conducted by the CBUAE, which revealed the branch’s failure to issue a liability letter within the mandated seven-day period, thereby violating the CBUAE’s Market Conduct and Consumer Protection Regulations and Standards.
The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks, their leadership, and their employees adhere to UAE laws, as well as the regulations and standards established by the CBUAE to safeguard the transparency and integrity of the banking sector and the UAE financial system.
Article Source: Emirates News Agency (WAM)
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