Regulatory Alerts2022-04-05
Added · Updated
Regulation to Impose Financial Sanctions for Strict Liability Violations
The Central Bank of the UAE (CBUAE) has issued a regulation establishing an automatic financial sanction regime for strict liability violations committed by Licensed Financial Institutions. Under this framework, sanctions are applied immediately upon a violation without any investigation, review, or appeal process, covering routine but critical obligations such as preventing counterfeit currency circulation, timely processing of court orders, and accurate cross-border transaction reporting. Licensed institutions must register on the CBUAE Licensing Automation Portal, establish a dedicated email distribution list for regulatory communications, and face fixed monetary penalties for non-compliance, with no excuses accepted except in cases of force majeure.
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