190312 uae central bank
The UAE Central Bank imposed the fine under the Finance Companies Regulation and Consumer Protection Regulations. Image Credit: Gulf News Archive

Dubai: A financial services company in the UAE has been hit with a fine by the central bank for non-submission of audited financial statements within a set deadline. The company, which has not been identified, will be required to find a solution to all internal shortcomings within a month of the notification.

It was on May 18 that the UAE Central Bank imposed the fine.

“Through its supervisory and regulatory mandates, the CBUAE works to ensure that all licensed financial institutions operating in the UAE, including finance companies, abide by UAE laws, regulations, and standards adopted by the CBUAE,” the regulator said in a statement.