The UAE Central Bank announced on Wednesday that it has imposed a fine of AED 600,000 on a finance company for allegedly breaching market conduct and consumer protection regulations.
According to the statement, the penalty followed inspections by the Central Bank, which found that the company had failed to meet the requirements outlined in the Market Conduct and Consumer Protection Regulations and Standards.
The Central Bank did not disclose the identity of the finance company involved.
Earlier this week, the regulator issued a fine of AED 10.7 million against an exchange house for violating anti-money laundering and counter-terrorism financing rules.
In July, three exchange houses were also closed for similar breaches, as part of the UAE’s broader effort to enforce regulatory compliance across the financial sector.
