The UAE banking system has adequate capital and liquidity buffers to withstand severe shocks, the Central Bank of the UAE (CBUAE) said on Thursday, and indicated that the final third phase of the Dh50 billion Targeted Economic Support Scheme (TESS) measures would continue during the second half of 2022. The regulator ended the loan repayment ...

A money exchange house operating in the UAE has been fined Dh5.2 million over its weak compliance with regulations related to prevention of money laundering and financing of terrorism. An investigation conducted by the Central Bank of the UAE (CBUAE) found the exchange house did not adhere to due diligence policies and procedures. The banking ...

Abu Dhabi (4 March 2022): The Central Bank of the UAE (CBUAE) has won the leading federal entity award for best performance improvement in the sixth cycle of the Mohammed bin Rashid Government Excellence Award, under the umbrella of Sheikh Khalifa Government Excellence Programme. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime ...

UAE Money Exchange : UAE Central Bank has fined a local exchange house Dh600,000 for transporting money in an ordinary civilian vehicle rather than recruiting a licensed cash transport company. This is part of a stricter compliance requirement the UAE regulator has been imposing on financial institutions, including exchange houses, to ensure transparency and integrity ...

The penalty was imposed pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combatting the Financing of Terrorism. The Central Bank of the UAE (CBUAE) imposed a financial sanction of AED 352,000 ($95,854) on an exchange house operating in the country, due to it failures to achieve appropriate ...

The Central Bank of the UAE (CBUAE) has imposed financial sanctions to the tune of 17.31 million ($4.7 million) on six exchange houses operating in the UAE as part of its efforts to combat money laundering and illicit financial flows. The sanctions imposed last month followed the exchange houses’ failures to comply with AML & Sanctions ...

The Central Bank of the UAE (CBUAE) on Friday announced the issuance of silver coins that feature Expo 2020’s official mascots. This is the second commemorative coin produced to mark this global event. The first gold and silver commemorative coins were issued on the occasion of the UAE hosting Expo 2020. The Central Bank will ...

The Central Bank took the poor compliance history of the exchange house into account when issuing the fine. The UAE Central Bank has imposed financial sanctions on an exchange company for violating anti-money laundering (AML) regulations. The regulatory fined the exchange house Dh504,000 for violating anti-money laundering and combating the financing of terrorism and illegal ...

Banks, Financial Institutions will have to incorporate principles of responsible financing. The UAE Central Bank has issued its first comprehensive financial consumer protection regulatory framework that defines the relationship between banks, financial firms and consumers. Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank, said the financial sector in the UAE is growing and expanding ...

Abu Dhabi: The Central Bank of the UAE (CBUAE) has imposed financial sanctions on 11 Banks operating in the UAE. The action was in accordance with section 14 of the Federal Resolution Act no. (20) of 2018 on combating money laundering and combating the financing of terrorism and the financing of illegal organizations (AML / ...