The Central Bank of the UAE (CBUAE) imposed administrative sanctions on eight banks operating in the UAE.
The sanctions were placed pursuant to Article 137 of the Decretal Federal Law No. (14) of 2018, regarding the Central Bank and organisation of financial institutions and activities, and the Central Bank notices regarding the beneficiaries of the nationals defaulted debts settlement fund (NDDSF) facilities.
The administrative sanctions take into account the banks’ failures to comply with the Central Bank’s instructions not to grant any loans or credit facilities to the beneficiaries of loans granted by the NDDSF, including credit cards.
UAE Banks sanctioned
The Central Bank, through its supervisory and regulatory mandates, works to ensure that all licensed financial institutions operating in the country, including banks, abide by the laws of the United Arab Emirates, regulations and standards adopted by the Central Bank, to safeguard the transparency and integrity of the banks’ business and enhancing the efficiency of the country’s financial system
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