UAE Central Bank imposes sanctions on 8 banks

Abu Dhabi: The Central Bank of the UAE (CBUAE) imposed administrative sanctions on eight banks operating in the country following their failure to comply with the regulator’s instructions.

The lenders were found to have flouted requirements mentioned under Article 137 of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, and the Central Bank notices regarding the beneficiaries of the Nationals Defaulted Debts Settlement Fund (NDDSF) facilities.

The banks in question did not comply with CBUAE’s instructions to not grant any loans or credit facilities to the beneficiaries of loans granted by the NDDSF, including credit cards.