Within the follow-up of the “Control Department” to the compliance of financial institutions and insurance companies

The Central Bank evaluates and reviews the work of 68 banks, insurance and exchange companies in 2021

The Central Bank reviewed the performance of 24 exchange companies and asked them to adhere to the guiding framework.

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The Central Bank revealed that it had taken measures against 68 banks, insurance and exchange companies over the past year, as part of the Monitoring Department's follow-up to the compliance of financial institutions and insurance companies with its controls and instructions.

He explained in his annual report issued yesterday, that he reviewed and evaluated the work of 32 banks, of which 11 were sent a letter warning them of the need to conduct a self-assessment to verify compliance with the controls of the Central Bank, while the measures taken against the remaining banks varied between close monitoring for a period of 12 months, Or request a periodic self-evaluation.

He added that he reviewed the performance of 24 exchange companies, and asked them to adhere to the guiding framework issued by the bank, while the rest of the companies were placed under follow-up through inspection visits.

He stated that there were measures taken against 12 insurance companies, including the need to conduct a self-assessment of their cash flows, in addition to the periodic review by one of the bank's employees in legal affairs.

The Assistant Governor for Supervision of Banking Institutions and Insurance Companies, Ahmed Al-Qemzi, said in his speech within the report that the supervision and control of risks allows the Central Bank to examine and inspect banking groups on a unified basis.

He pointed out that there is a dialogue to develop a new and more flexible regulation in oversight, in line with international standards and best practices in place globally.

Al Qamzi indicated that during 2021 the Central Bank continued its strong oversight work on financial institutions and insurance companies in accordance with the strategic and operational plan, pointing out that it evaluates any financial institution in the UAE on a unified basis, to ensure its compliance with the instructions and controls of the bank.

• The Central Bank reviewed and evaluated the work of 32 banks in 2021.

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