ABU DHABI, UAE: The Central Bank of the UAE (CBUAE) has imposed administrative sanctions on eight banks operating in the United Arab Emirates (UAE).
In a statement on Tuesday, the Bank said that the decision has been taken pursuant to Article 137 of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities, and the Central Bank notices regarding the beneficiaries of the Nationals Defaulted Debts Settlement Fund (NDDSF) facilities.
The CBUAE said that the administrative sanctions take into account the banks’ failures to comply with the CBUAE’s instructions not to grant any loans or credit facilities to the beneficiaries of loans granted by the NDDSF including credit cards.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all licensed financial institutions operating in the Country including banks, abide by the UAE laws, regulations and standards adopted by the CBUAE, to safeguard the transparency and integrity of the banks’ business and enhancing the efficiency of the UAE financial system.