Abu dhabi: The Central Bank of the UAE (CBUAE) imposed a financial sanction of AED600,000 on a finance company, pursuant to Article (137) of the Decretal Federal Law No. (14) of 2018 regarding the Central Bank and Organisation of Financial Institutions and Activities, and its amendments.

According to Emirates News Agency, the financial sanction is based on the results of examinations conducted by the CBUAE, which revealed that the finance company had failed to comply with the Market Conduct and Consumer Protection Regulations and Standards.

The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all finance companies and their staff abide by the UAE laws, regulations, and standards established by the CBUAE. This is to maintain transparency and integrity within the finance companies industry and safeguard the UAE financial ecosystem.