The Central Bank of the United Arab Emirates has imposed a financial penalty of 600,000 dirhams on a financing company. This action was taken in accordance with Article 137 of Federal Decree-Law No. 14 of 2018 concerning the Central Bank, financial institutions, and their regulatory frameworks.
The fine results from inspection findings conducted by the Central Bank, which revealed several violations related to the company’s non-compliance with market conduct regulations and consumer protection standards.
Through its regulatory and supervisory functions, the Central Bank aims to ensure that all financing companies and their employees adhere to the current legislation and the established regulations and standards. This effort is part of its commitment to maintaining transparency and integrity within the financing sector, as well as safeguarding the stability of the nation’s financial system.