A financial company operating in the UAE has been fined and ordered to clean up its act under the Central Bank of the UAE (CBUAE) Finance Company and Consumer Protection Regulations.
The CBUAE said it imposed a fine on the unnamed institution as a result of it missing the deadline to submit its audited financial statements and failing to abide by their guidelines.
In addition, due to the Company’s failure to comply with Consumer Protection Regulations and Complaint Management System rules, the CBUAE instructed the company to rectify its shortcomings within a month.
Through its supervisory and regulatory mandates, the CBUAE works to ensure that all licensed financial institutions operating in the UAE, including finance companies, abide by UAE laws, regulations, and standards adopted by the CBUAE to safeguard the transparency and integrity of financial companies and to enhance the efficiency of the UAE financial system.
CBUAE imposes administrative, financial sanctions on finance company operating in the country#WamNewshttps://t.co/lJnW2KJAEz
— WAM English (@WAMNEWS_ENG) June 14, 2022
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