The central bank imposes a fine on a foreign bank branch
Abu Dhabi, July 16/ WAM/ The United Arab Emirates Bank imposed a financial fine on a foreign bank branch in the country, amounting to 600,000 dirhams, according to Article 137 of Decree Law No. 14 of 2018 regarding the central bank and organizing financial facilities and activities and its amendments.
The financial punishment comes based on the results of the inspections conducted by the central bank, and showed that there are violations related to non -compliance with the systems and standards of market behavior and consumer protection.
The Central Bank, through its supervisory and regulatory tasks, works to ensure the commitment of all banks and its employees to legislation in the state, and the regulations and standards approved by it, with the aim of preserving the transparency and integrity of the banking sector and protecting the state’s financial system.
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