The Central Bank of the UAE (CBUAE) on Thursday said it imposed financial sanctions on six banks operating in the UAE for failures to achieve appropriate levels of compliance regarding required due diligence and reporting procedures and standards. The banks have been penalized in line with implementing certain provisions of the Organization for Economic Cooperation ...

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 ...

Tameemi, who was previously the central bank’s vice governor, will be replacing Abdulhamid Saeed Alahmadi. DUBAI – United Arab Emirates President Sheikh Khalifa bin Zayed has appointed Khalid al-Tameemi as governor of the UAE’s central bank. Tameemi, who was appointed central bank vice governor in February, will be replacing Abdulhamid Saeed. Al Tameemi has more ...

The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) jointly announce today the exchange of a Memorandum of Understanding (MoU) to enhance collaboration on fintech between the two authorities, with a view to strengthening co-operation between the two jurisdictions in promoting innovative financial services and regulatory development. Under ...

Ministry of Economy extends the grace period for compliance until March 31, 2021. The UAE’s Ministry of Economy reiterated the need for non-financial businesses in the UAE to register on GoAML, an Anti-Money Laundering platform developed by the United Nations. This includes brokers and real estate agents, dealers of precious metals and precious stones, auditors ...

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 ...

CBUAE introduces the supervisory agenda of the bank’s Anti-Money Laundering Department   ABU DHABI – The Central Bank of the UAE (CBUAE) held the first Compliance Officers Forum to create a dialogue between the CBUAE and Chief Compliance Officers of all banks to discuss expectations from compliance function and banks’ risk management more generally. The forum, chaired by ...

Move will provide relief for banks, finance companies enabling them to provide new loans, facilities to customers affected by the pandemic. The UAE Central Bank has extended its Targeted Economic Support Scheme (Tess) for another six months until June 30, 2021 to continue its support for the economy during the Covid-19 pandemic. From January 1, ...

The introduction of these regulations represents the second step towards implementation of the new Dirham Monetary Framework announced earlier this year. ABU DHABI – The Central Bank of the UAE, CBUAE, announced today that, effective 28 October 2020, it will introduce new regulations regarding reserve requirements for deposit-taking licensed financial institutions. The introduction of these regulations ...