The Central Bank imposes administrative and financial penalties on a finance company operating in the state
The Central Bank of the United Arab Emirates imposed administrative and financial penalties on a finance company operating in the country, in accordance with the provisions of Federal Decree-Law No. (14) of 2018 regarding the Central Bank and the regulation of financial facilities and activities, and its amendments, the Finance Companies Law, and the Consumer Protection Law.
On May 18, 2022, the Central Bank imposed a fine on the finance company, as a result of its failure to submit the audited financial statements by the scheduled date and the failure to comply with the Central Bank’s instructions in this regard.
In addition, the Central Bank instructed the company to remedy the deficiencies within a month of notification, for its failure to comply with the Consumer Protection Regulation and Complaint Management System rules.
The Central Bank, through its supervisory and supervisory functions, works to ensure that all licensed financial institutions operating in the UAE, including finance companies, comply with the laws and legislations in force in the country and the regulations and standards approved by it, with the aim of maintaining the transparency and integrity of the work of finance companies and enhancing the efficiency of the financial system in the country. .
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