CBUAE | Enforcement

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Thursday 13 June 2024

The CBUAE issues its 2023 Annual Report

Press Release

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Enforcement

The Grievances and Appeals Committee (GAC) has exclusive jurisdiction to hear grievances and appeals concerning decisions regarding licensing and authorization of individuals, licensing and identification of financial infrastructure systems and decisions on the imposition of administrative and financial sanctions issued by the Central Bank in accordance with the provisions of Federal Decree-Law No. 14 of 2018 concerning the Central Bank and the organization of financial institutions and activities.

Download the GAC Manual

The Department’s services include the following:

To impose administrative and/or financial sanctions and penalties on financial institutions and/or authorised persons.

To exchange information and collaborate with other financial regulators, supervisors and law enforcement agencies within and outside the UAE.

Common Reporting Standard (OECD CRS) Enforcement Procedures for Account Holders

The UAE Cabinet Resolution No. (93) of 2021 specifies that a fine of AED 20,000 shall be imposed on any Account Holder or Controlling Person if they fail to timely submit accurate KYC self-certification to their bank, finance company or insurance company. The Central Bank has decided to assign those licensed institutions to collect the fines.

Download the Notice

Enforcement Mandate and Policy

The Enforcement Department was established in 2018 with a mandate to support the CBUAE’s strategic objectives and enhance the regulatory and supervisory framework for Licensed Financial Institutions.

The Enforcement Department evaluates internal referrals and information from financial institutions and individuals to identify violations. The Department also proposes enforcement action, where appropriate.

The Enforcement Department exchanges information and collaborates with other financial regulators, supervisors and law enforcement agencies within and outside the UAE. The Department also works closely with the UAE’s Financial Intelligence Unit.

This is achieved by ensuring:

Financial stability and the integrity of the financial system.
Market conduct and consumer protection.

Shari’ah compliance.

Administrative and financial sanctions under the Central Bank Law and the Anti-Money Laundering and Combating Financing of Terrorism Law

The CBUAE applies a methodical and consistent approach to imposing sanctions. This approach takes internal standards and regulations into account. On the one hand, this leads to standardisation and predictability of sanctions and on the other hand, sanctions will be tailored if the circumstances require it.

Download the Overview

FAQs

The CBUAE’s departments refer cases internally to the Enforcement Department. 

Designated parties can report violations of the applicable laws and regulations through [email protected].  

At its discretion and subject to the enforcement policy, the enforcement decision may be publicised.   

The Central Bank Law and Anti Money Laundering Law both have provisions for financial institutions, or for an individual related to a financial institution, to submit a grievance or appeal. 

The applicable laws and regulations can be found here.

In most cases, the financial institution and/or the individual related to it has the opportunity to make representations.  

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Last updated on: Thursday 03 October 2024

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The Enforcement Department’s core functions are to support the strategic objectives of the Central Bank of the UAE through a disciplined twofold approach: protection and deterrence.

The Department’s services include the following:

Common Reporting Standard (OECD CRS) Enforcement Procedures for Account Holders

Enforcement Mandate and Policy

This is achieved by ensuring:

Administrative and financial sanctions under the Central Bank Law and the Anti-Money Laundering and Combating Financing of Terrorism Law

FAQs

Who can refer a case to the Enforcement Department?

Will the enforcement decisions be publicised?

Can the enforcement decision be appealed?

Where can I find the applicable laws and regulations?

Is there a way to comment or appeal before a sanction is imposed?

CBUAE prohibits a takaful insurer from issuing new insurance contracts

CBUAE imposes a financial sanction on a bank operating in the UAE

CBUAE revokes the licence of Muthoot Exchange

CBUAE imposes an administrative sanction on an insurance company operating in the UAE

CBUAE imposes a financial sanction on a bank operating in the UAE

CBUAE revokes the licence of Galaxy Insurance Broker

CBUAE revokes the licence and registration of Smart and Secure Insurance Agent

CBUAE Cancels the Licence of First Insurance Brokers Company

CBUAE revokes the licence and registration of Cogent Insurance Broker

CBUAE imposes a financial sanction on an exchange house operating in the UAE

CBUAE Removes the Board of Directors of an Insurance Company

CBUAE imposes administrative sanctions on 8 banks operating in the UAE

CBUAE imposes sanctions on a finance company operating in the UAE

CBUAE imposes financial sanction on an exchange house operating in the UAE

CBUAE imposes a financial sanction on an exchange house operating in the UAE

CBUAE imposes administrative sanctions on an exchange house operating in the UAE

CBUAE imposes administrative sanctions on an Insurance Company operating in the UAE

CBUAE imposes administrative and financial sanctions on a finance company operating in the UAE

CBUAE imposes a financial sanction an exchange house operating in the UAE

CBUAE imposes a financial sanction an exchange house operating in the UAE

CBUAE imposes financial sanctions on six Hawala providers operating in the UAE

CBUAE imposes monitoring and financial sanctions on a bank operating in the UAE

CBUAE imposes financial sanctions on six exchange houses operating in the UAE

CBUAE issues new guidance for licensed financial institutions on transaction monitoring and sanctions screening

CBUAE issues new guidance on financial institutions’ implementation of targeted financial sanctions

CBUAE National Summit on Counter-Terrorist Financing and Sanctions discusses vital focus areas and detections measures

The CBUAE imposes an administrative sanction on S&S Brokerage House

CBUAE imposes financial sanction on an exchange house operating in the UAE

CBUAE imposes financial and administrative sanctions on a non-authorised individual related to an exchange house

CBUAE imposes financial sanction on an exchange house operating in the UAE

CBUAE imposes financial sanctions on 11 banks operating in the UAE

CBUAE imposes administrative sanction on a Finance Company operating in the UAE

CBUAE imposes administrative sanctions on two exchange houses operating in the UAE

Notification of Enforcement Action Administrative Sanction imposed on a Bank operating in the UAE

CBUAE’s 2019 National Summit on Counter Terrorist Financing and Sanctions concludes