Central Bank fines financial firm for violating laws

The Central Bank of the UAE (CBUAE) on Tuesday imposed administrative and financial sanctions on a finance company operating in the UAE for not adhering to the rules and regulations of the regulator.

The apex bank said it imposed a fine on the finance company on May 18, for failure to submit its audited financial statements by the deadline, and failure to abide by its guidelines.

However, it didn’t disclose the name of the company and the amount of fine imposed on it.

In addition, the company failed to comply with the Consumer Protection Regulations and Complaint Management System rulebook and the Central Bank instructed the company to remedy its shortcomings within a month of the notification.

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