UAE: Foreign Bank Branch Fined Dh600,000 For Violating Consumer Protection Rules

2025-07-16 09:49:19

(MENAFN- Khaleej Times)

The Central bank of UAE has imposed a financial sanction of Dh600,000 on a branch of a foreign bank in the UAE.

The apex bank did not reveal the name of the bank that has been penalised. The authority imposed the fine after examinations revealed that the branch was not complying with the Market Conduct and Consumer Protection Regulations and Standards.

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The penalty was imposed on the basis of Article 137 of Decree Federal Law No. 14 of 2018, regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.

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Earlier, it imposed a financial penalty of Dh5.9 million on a foreign bank branch operating within the country for failing to comply with anti-money laundering regulations.

The Central Bank, through its supervisory and regulatory mandates, aims to ensure that all banks and their employees comply fully with the UAE's laws and regulatory standards, the statement read. This is essential to maintain transparency and integrity across financial transactions and to safeguard the stability of the UAE's financial system.

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