UAE finance company falls foul of Central Bank regulations

Tuesday, 14 June 2022 11:57

By ARN News Staff

A financial company operating in the UAE has been fined and ordered to clean up its act under the Central Bank of the UAE (CBUAE) Finance Company and Consumer Protection Regulations.

The CBUAE said it imposed a fine on the unnamed institution as a result of it missing the deadline to submit its audited financial statements and failing to abide by their guidelines.

In addition, due to the Company’s failure to comply with Consumer Protection Regulations and Complaint Management System rules, the CBUAE instructed the company to rectify its shortcomings within a month.

Through its supervisory and regulatory mandates, the CBUAE works to ensure that all licensed financial institutions operating in the UAE, including finance companies, abide by UAE laws, regulations, and standards adopted by the CBUAE to safeguard the transparency and integrity of financial companies and to enhance the efficiency of the UAE financial system.

CBUAE imposes administrative, financial sanctions on finance company operating in the country#WamNews https://t.co/lJnW2KJAEz
— WAM English (@WAMNEWS_ENG) June 14, 2022

More from Business News

Nasdaq set to confirm bear market as Trump tariffs trigger recession fears

The tech-heavy Nasdaq Composite index was set to confirm it was in a bear market on Friday, down more than 20 per cent from a recent record high, as investors fled riskier assets on fears that tariffs imposed by President Donald Trump could spark a trade war and tip the global economy into recession.
Dana Gas and Crescent Petroleum exceed 500M boe in Khor Mor field

UAE-based Dana Gas and Crescent Petroleum, alongside their partners in the Pearl Petroleum consortium, have said the cumulative production from their Khor Mor project, the largest non-associated gas field in Iraq, has exceeded 500 million barrels of oil equivalent (boe).
China to impose tariffs of 34% on all US goods

China has announced a slew of additional tariffs and restrictions against US goods as a countermeasure to sweeping tariffs imposed by US President Donald Trump. The Finance Ministry said it would impose additional tariffs of 34 per cent on all US goods from April 10.
Shares bruised, dollar crumbles as Trump tariffs stir recession fears

Stocks limped to the end of the week on Friday, the dollar was set for its worst week in a month while gold flirted with a record peak as investors feared US President Donald Trump's sweeping tariffs would tip the global economy into a recession.