The Central Bank of the UAE (CBUAE) imposed administrative and\nfinancial sanctions on a Finance Company operating in the UAE,\npursuant to the Decretal Federal Law No. (14)\nof 2018 regarding the Central Bank and the Organisation of Financial Institutions\nand Activities, as amended, the Finance Companies Regulation and Consumer\nProtection Regulations.<\/p>\n\n\n\n
On 18 May 2022, the CBUAE imposed a fine on the finance company as\na result of its failure to submit its audited financial statements by the\ndeadline, and failure to abide by the CBUAE\u2019s guidelines.<\/p>\n\n\n\n
In addition, due to the Company\u2019s failure to comply with the\nConsumer Protection Regulations and Complaint Management System rulebook, the CBUAE\ninstructed the company to remedy its shortcomings within a month of the\nnotification.<\/p>\n\n\n\n
Through its supervisory and regulatory mandates, the CBUAE works to\nensure that all licensed financial institutions operating in the UAE, including\nfinance companies, abide by UAE laws, regulations, and standards adopted by the\nCBUAE to safeguard the transparency and integrity of financial companies and to\nenhance the efficiency of the UAE financial system.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of the UAE (CBUAE) imposed administrative and financial sanctions on a Finance Company operating in the UAE, pursuant to the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and the Organisation of Financial Institutions and Activities, as amended, the Finance Companies Regulation and Consumer Protection Regulations. On 18 May …<\/p>\n","protected":false},"author":2,"featured_media":46949,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-46948","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news"],"_links":{"self":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/46948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/comments?post=46948"}],"version-history":[{"count":1,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/46948\/revisions"}],"predecessor-version":[{"id":46950,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/posts\/46948\/revisions\/46950"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media\/46949"}],"wp:attachment":[{"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/media?parent=46948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/categories?post=46948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.uaebarq.ae\/en\/wp-json\/wp\/v2\/tags?post=46948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}