Abu dhabi: The Central Bank of the UAE (CBUAE) has levied a financial sanction of AED1,820,000 on a branch of a foreign bank operating within the UAE. This action is in accordance with the Federal Decree-Law No. (6) of 2025 related to the Central Bank, Regulation of Financial Institutions and Activities, and Insurance Business.
According to Emirates News Agency, the penalty followed examinations by the CBUAE, which identified that the branch failed to issue a liability letter within the required seven-day timeframe. This constitutes a breach of the CBUAE's Market Conduct and Consumer Protection Regulations and Standards.
The CBUAE is committed to upholding UAE laws and the regulations and standards it sets to protect the transparency and integrity of the banking sector and the country's financial system. Through its supervisory and regulatory roles, the CBUAE ensures that all banks, their leadership, and employees comply with these regulations.