UAE Central Bank fines foreign bank branch Dh600,000 for breaching market conduct rules

Dubai: The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh600,000 on a branch of a foreign bank operating in the country, following regulatory violations.

The sanction was issued under Article 137 of Decretal Federal Law No. (14) of 2018, which governs the Central Bank and the regulation of financial institutions in the UAE.

According to the CBUAE, the decision followed a supervisory examination that found the bank branch had failed to comply with the UAE’s Market Conduct and Consumer Protection Regulations and Standards.

The Central Bank emphasised that such enforcement action aligns with its broader mandate to uphold transparency and integrity within the local banking system.

“The CBUAE works to ensure that all banks and their staff adhere to UAE laws and regulations to protect the financial system and consumers,” the regulator said in a statement issued on Wednesday, July 16.

While the name of the foreign bank has not been publicly disclosed, the fine reflects the CBUAE’s continued focus on compliance and accountability within the UAE’s financial sector.

The penalty is part of the regulator’s ongoing efforts to monitor market conduct and ensure that institutions meet high standards of consumer protection and responsible banking practices.