The UAE Central Bank imposed administrative penalties on eight banks operating in the country, in accordance with the provisions of Article 137 of Federal Decree-Law No. 14 of 2018 regarding the Central Bank and the regulation of financial facilities and activities, and the notifications issued by the Central Bank regarding the beneficiaries of the facilities of the Troubled Debt Treatment Fund for citizens.
The administrative penalties come as a result of the failure of the eight banks to comply with the Central Bank’s instructions regarding not granting loans or any credit facilities to persons benefiting from loans granted by the Troubled Debt Treatment Fund, including credit cards.
The UAE Central Bank, through its oversight and supervisory functions, ensures that all licensed financial institutions operating in the country, including banks, comply with the laws in force in the country, and the regulations and standards approved by the Central Bank, with the aim of preserving the transparency and integrity of banks’ business, and protecting the system. state financial.