UAE Central Bank penalizes finance firm Dh600,000 for regulatory violations

Abu Dhabi: The Central Bank of the UAE (CBUAE) has imposed a penalty of Dh600,000 on a finance company for violating regulatory standards, in accordance with Article 137 of Decretal Federal Law No. (14) of 2018, and its subsequent amendments.

The sanctin follows examinations conducted by the CBUAE, which found that the finance company had failed to comply with Market Conduct and Consumer Protection Regulations and Standards.

The CBUAE, through its supervisory and regulatory mandates, aims to ensure that all finance companies and its staff abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the finance companies industry and safeguard the UAE financial ecosystem.