The Central Bank of the UAE (CBUAE) imposed a financial sanction of amount 600,000 on a Finance Company, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.
The financial sanction is based on the results of the findings of examinations conducted by the CBUAE, which revealed that the Finance Company had failed to comply with the Market Conduct and Consumer Protection Regulations and Standards.
The CBUAE, through its supervisory and regulatory mandates, endeavours 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.