Residents and citizens of the United Arab Emirates (UAE) can now use a paperless direct debit marketplace. The UAE Central Bank has approved the launch of the marketplace developed by Direct Debit System, enabling payers and merchants to use it to make recurring monthly payments and including it in the UAE Direct Debit System (UAEDDS) ...

The Central Bank of the UAE (CBUAE) has issued new anti-money laundering and counter-terrorism financing (AML/CFT) guidelines for licensed financial institutions (LFIs), which include banks, finance companies, exchange houses, insurance companies, agents, and brokers. The guidelines focus on the use of digital ID mechanisms that LFIs should employ on an ongoing basis to perform customer ...

Central Banks: Borrowing cost is set to rise in the UAE and other Gulf countries in the coming week as the US Federal Reserve is expected to hike rates by 75 bps yet again. Since the UAE and other GCC countries’ currencies are pegged to the US dollar, regional central banks follow the Fed to ...

Dubai: The UAE Central Bank has introduced a certificate programme for those operating as ‘risk-based supervision professionals’. The Advanced Executive Certificate represents the second level of the regulator’s internal supervisory certification programme. The objective is to enhance the skills of Central Bank supervisors who examine licensed financial institutions in the UAE, within a risk-based supervisory ...

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 ...