|11-03-2014, 06:38 AM||#1|
A new set of rules could allow UAE Central Bank to fine banks
The United Arab Emirates banking authority is considering new banking laws that will give the UAE Central Bank the power to impose fines on banks.
No details are yet revealed in regards to the nature of the fines; what are they imposed for or how much they would be. However, the new law is not expected to start until at least next year.
A revised version of a law passed in 1980 in its original form by the Central Bank, will contain provisions that will enable the bank to levy financial penalties on UAE banks.
This comes as the Central Bank responds to complaints from small and medium companies that are customers of Standard Chartered, which have decided earlier this month to give thousands of account holders a month’s notice to make other arrangements before their accounts are closed.
Some of those companies have filed complaints with the UAE Central bank about the closure program of StanChart, as many have given up pursuing legal action against the bank, considering the time and costs involved.
The Central Bank is trying to strengthen the financial system in the UAE, with many companies pushing for new standards and regulations amid growing cash inflows into the Gulf State.
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