Approved issuance of the new system of stored value facilities

The Central Bank adopts the consumer protection system and the supervisory framework for banks

Mansour bin Zayed presiding over the Central Bank Board of Directors meeting.

WAM

The Board of Directors of the Central Bank approved the consumer protection system, the supervisory framework for banks, and the organizational structure for the Consumer Protection Department.

This came during its eighth meeting this year at Qasr Al Watan, yesterday, chaired by His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the Board of Directors of the Central Bank.

The Council reviewed the inclusion of new initiatives within the operational plans of the bank’s departments, in implementation of the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, to make the bank one of the best central banks regionally and globally.

The Board was briefed on the general risk framework of the Central Bank, especially with regard to combating money laundering and terrorist financing, in a manner that defines the controls of the bank’s dealings with external agencies.

The meeting listened to a presentation on the new system of stored value facilities, which was prepared by the Central Bank with the aim of developing services and providing innovative solutions for the completion of retail payment operations in the country, as the Council issued its approval to issue this system.

The meeting was attended by Vice Chairman of the Board of Directors, Abdul Rahman Saleh Al Salih, Governor of the Central Bank, Abdul Hamid Muhammad Saeed Al-Ahmadi, Board members Yunus Haji Al-Khoury, Khaled Muhammad Salem Balmy, Khaled Ahmad Al-Tayer, and Ali Muhammad Al-Madawi Al-Rumaithi, as well as a group of senior bank employees Central.

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