Central Bank of the UAE (CBUAE), on 14 June 2022 imposed administrative and financial sanctions on a finance company operating in the UAE for not adhering to the rules and regulations of the regulator.
The Apex Bank imposed fines for failure to submit audited financial statements by the deadline, and failure to abide by its guidance. Moreover,companies failed to comply with the Consumer Protection Regulations and Complainant Management System rulebook and the Central Bank instructed the company to remedy its shortcomings within a month of the notification.
Previously, the regulator had fined financial companies for not adhering to anti-money laundering and combating the financing of terrorism and illegal organisations.
Central Bank of the UAE (CBUAE) through its supervisory and regulatory mandates, works to ensure that all licensed financial institutions abide by the UAE Regulations, in the interest of transparency and integrity of financial companies.