UAE President issues new law on Central Bank, financial entities

UAE issued a federal decree-law on the Central Bank, and the regulation of financial institutions and insurance activities.

The law, issued by UAE President Sheikh Mohamed bin Zayed Al Nahyan, states several key objectives:

1. Licensed financial institutions shall provide all community members with access to proper banking and financial services, in line with digital transformation and financial service innovation efforts.

2. Enhancing consumer protection by unifying the complaints and dispute resolution functions for customers of banks and insurance companies.

3. Establishing proactive measures for early intervention and settlement to address any signs of financial deterioration of a licensed institution.

4. Increasing administration fine to be commensurate with the gravity of the violations and the volume of transactions, up to ten times the value of the violation.

5. Automatic debiting of fines, allowing reconciliation before final judicial rulings and the publishing of penalties settlement on the Central Bank's official website.

6. Maintaining the stability of the national currency, promoting and protecting the stability of the financial system, and ensuring prudent management of foreign exchange reserves.

7. Licensed financial institutions must obtain and keep adequate guarantees for all types of facilities provided to natural persons and sole proprietorships customers.

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