UAE Central Bank fines foreign bank branch AED 20 million over compliance failures

UAE Central Bank fines foreign bank branch AED 20 million over compliance failures

Abu Dhabi: The Central Bank of the UAE has imposed a financial penalty of AED 20 million on a branch of a licensed foreign bank operating in the country, in accordance with the provisions of the Federal Decree-Law on the Central Bank and the Regulation of Financial Institutions and Activities and its amendments.The penalty was issued following inspection findings by the Central Bank, which revealed repeated and serious deficiencies by the bank b…

CBUAE imposes a financial penalty of $20mln on branch of foreign bank

The financial penalty is based on the results of the findings of examinations conducted by the CBUAE