UAE Central Bank imposes AED200 million penalty on foreign bank branch

UAE Central Bank imposes AED200 million penalty on foreign bank branch

ABU DHABI: The Central Bank of the UAE (CBUAE) has imposed a financial penalty of AED200 million on a branch of a foreign bank licensed in the UAE, pursuant to the provisions of the Federal Decree Law Regarding the Central Bank and Organisation of Financial Institutions and Activities.The financial penalty follows findings from examinations conducted by the CBUAE, which revealed significant and repeated failures by the foreign bank branch in its…