The UAE Central Bank imposed financial and administrative sanctions on a finance company for failing to submit its audited financial statements on time and not complying with guidelines.
The unnamed company was fined on May 18 as per 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”, the banking regulator said on Tuesday.
The company was asked to “remedy its shortcomings” within a month of the notification after it was found to be in contravention of the consumer protection regulations and complaint management system rule book.
The regulator did not reveal how much the company was fined.
“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,” it said.
The Central Bank has unveiled a number of initiatives to regulate the country’s financial sector in recent months.
These include an enhanced regulatory framework to supervise banks’ exposure to the property sector and the issuance of guidelines to help licensed exchange houses combat money laundering and the financing of terrorism.
Last year, the regulator also instructed all hawala providers — informal fund transfer agents operating outside the banking system — to register with it in an effort to strengthen oversight of money transfers.
The Central Bank is also fining exchange houses for failing to achieve the appropriate levels of compliance with anti-money laundering regulations.
In October, it fined six exchange houses operating in the country about Dh17.31 million ($4.7m) for non-compliance.
The banking regulator also imposed a penalty of Dh352,000 in December against another exchange house for failing to adhere to the AML guidelines.
Know your cyber adversaries
Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.
Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.
Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.
Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.
Phishing: Aims to secure personal information, such as passwords and credit card numbers.
Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.
Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.
Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.
Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.
Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.
Zero-day exploit: Exploits a vulnerability in software before a fix is found.
UAE currency: the story behind the money in your pockets
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The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
