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.
Protection includes removing individuals from designated functions to make sure they are no longer a threat to the interests of depositors and policyholders, the UAE's financial system or to the CBUAE.
Deterrence includes imposing administrative and/or financial sanctions to make sure others are deterred from committing violations, because they will see that there are consequences.
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.
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.
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:
The CBUAE’s departments refer cases internally to the Enforcement Department.
Designated parties can report violations of the applicable laws and regulations through email@example.com.
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.
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: Monday 10 October 2022
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