The UAE Central Bank (CBUAE) has imposed a Dh600,000 fine on a foreign bank branch operating within the country, citing violations of consumer protection and market conduct regulations. The penalty follows a detailed inspection conducted by regulatory authorities.
According to the CBUAE, the violations stemmed from non-compliance with established guidelines designed to safeguard consumer interests and ensure transparent operations in the banking sector. These include lapses in disclosure, fair treatment, and responsible lending practices.
In order to guarantee that all licenced institutions maintain the highest standards of integrity and regulatory compliance, the Central Bank underlined that the enforcement action is a component of its continuous commitment to financial stability. It reiterated that any institution that violates the guidelines will face severe consequences.
This most recent action is part of a larger effort by UAE regulators to increase public confidence in the financial system. The Central Bank has urged all financial entities to regularly review and align their practices with updated market conduct frameworks to avoid similar penalties.
