370 million dirhams imposed by the “Central” imposed since the beginning of 2025

The Emirates Central Bank imposed penalties and financial fines of more than 370.3 million dirhams on banks, exchange companies, insurance companies and mediation and one financing company from the beginning of 2025 until the first week of this month, according to official announcements issued by the Central Bank during the last period.

The “Central” also imposed sanctions on companies, banks and other institutions, without announcing the value of the fines imposed on them.

The number of exchange companies that the Central imposed on fines reached 13 companies, while the number of insurance companies and insurance mediation that imposed the “central” fines on seven companies, in addition to imposing fines that included 10 banks, including three branches of foreign banks, imposed a fine on one of the financing companies, and on the director of the branch of a brokerage company worth 500 thousand dirhams.

Unlike financial fines, the “central” licensed exchange companies, removed their names from the record, as well as the activity of companies to secure vehicles and branches of foreign companies operating in the country, and imposing a penalty on a bank, which was to stop the acceptance of new customers in his banking window services for several months, along with fining money.

The “Central” explained that the imposition of these penalties and financial fines comes based on searches conducted by the central bank teams on banks and companies, after the inspections showed that there are failures and violations related to three basic matters, namely: lack of compliance with the laws of organizing establishments and financial activities and its amendments, or the framework of facing money laundering crimes and combating terrorist financing and financing illegal organizations, or lack of compliance with market behavior systems and standards And the protection of the consumer, noting that it works through his supervisory and regulatory tasks to ensure the commitment of banks and exchange companies, their owners and employees to legislation in the state, regulations and standards approved by him, with the aim of preserving the transparency and integrity of financial transactions, exchange sector and banks, and protecting and stabilizing the financial system in the state.

And the “Central” announced on the sixth of this month imposing a fine of 600,000 dirhams on one of the financing companies, and the beginning of this month imposed a fine of 10.7 million dirhams on an exchange company, and canceled the license of the “Joomati” exchange company and removed it on July 31, and canceled the license of the “Al -Hindi Exchange” company and removed its name from the record. On July 29, the Central was suspended the activity of a vehicle insurance company, a branch of a foreign company operating in the country.

On July 11, the Central was canceled, the license of the “Al -Khaznah” Insurance Company, the imposition of a fine of three million dirhams on a bank, and a fine of 4.1 million dirhams on an exchange company.

While a fine of 5.9 million dirhams imposed on a foreign bank branch. On June 29, the activity of a vehicle insurance company was suspended, as well as a financial penalty of 12.3 million dirhams on June 10 on six exchange companies.

He also imposed a penalty on the 25th of last June on a bank, which was to stop the acceptance of new customers in the services of his Islamic banking window for a period of six months and a fine of 3.5 million dirhams. He also imposed a fine on a exchange company of two million dirhams.

On the second of last June, the “Central” announced the imposition of a financial penalty on a exchange company worth 3.5 million dirhams, and a fine of 100 million dirhams on one of the exchange companies. On May 28, it imposed two financial penalties on two branches of foreign two works working in the country. The first value was 10.6 million dirhams, and the second is 7.5 million dirhams.

On May 20, the Central imposed a fine of 200 million dirhams on one of the exchange companies, and imposed a financial penalty on the manager of one of the company’s branches worth 500 thousand dirhams, and prevented him from taking a specialized job in any licensed financial facility in the country.

On May 12, the “Central” announced the imposition of financial and administrative penalties on five operating insurance mediation companies in the country, as announced on April 2, the imposition of a financial penalty on a worker bank in the state, and on March 25, imposing a total financial fines of 2.6 million dirhams on five banks and two working insurance companies in the country.

On February 19, the Central imposed a financial penalty on one of the exchange companies operating in the country, at a value of 3.5 million dirhams.

For his part, the banking expert, Ahmed Youssef, said that “(the central) follows the policy of penalties and fines and stopping the activity against those who have long been overlooked, but the announcement during the recent period is due to his desire to confirm his commitment to complete transparency, enhance the efficiency of the financial system, and consolidate commitment to the highest global standards adopted in this field.”

“This is a clear message from (the central) that it will not allow any violations by any party, to protect the rights of customers and consumers in general,” Youssef explained, noting that this supports the Emirates site as a reliable regional and global financial center, especially after the European Union’s decision to raise the name of the state from its list to the third high -risk countries in the field of money laundering and terrorist financing.

For his part, the banking expert, Amjad Nasr, said that “these penalties and fines clearly reflect the vital supervisory role of the central bank in enhancing the stability of the financial system and ensuring the commitment to international standards”, noting that the “central” is not satisfied with issuing legislation, but rather a comprehensive proactive approach, based on supervision, guidance and accurate follow -up to ensure the work of financial institutions within an environment compatible with Best international practices, especially in areas such as anti -money laundering, terrorist financing, consumer protection and institutional governance.

He explained that the “Central” issued during the last period several binding regulatory circulars that represent a clear road map for each licensed institution that must be implemented during specific time frames, especially since the UAE, as a global financial center, is constantly seeking to stay outside any negative lists, and achieve the highest levels of compliance, which highlights the importance of the strict organizational role played by the central bank, which includes accountability, imposition of fines, and correcting the path in the case of Breaking standards.

Nasr pointed out that despite the ongoing efforts, there are still institutions that slow down in modernization, or show weakness in their internal systems, which makes fines a necessary way to correct the path and not a goal in itself.

He noted that the European Parliament’s endeavor finally to raise the state’s name from its list to the third high -risk countries in the field of money laundering and terrorist financing reaffirms that maintaining the reputation of the financial state requires an integrated control system, and effective cooperation between regulatory authorities and financial institutions, especially since the inclusion in such lists may lead to reducing international confidence classifications, restricting banking transactions, and reducing investment flows, pointing out that The responsibility in this context is not exclusive to the central alone, but rather a national participatory responsibility, which calls for a serious commitment from all financial bodies.

• The “Central” imposing sanctions on other companies, banks and institutions without announcing the value of the fines imposed on them.

• The “Central” imposed a fine of 200 million dirhams on May 20.