Financial institutions in the UAE must adhere to a comprehensive regulatory framework overseen by the Central Bank of the UAE (CBUAE). Here are some key regulations:
- Central Bank & Organization of Financial Institutions and Activities Law: This law governs the establishment, regulation, and supervision of financial institutions in the UAE.
- Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT): Financial institutions must comply with stringent AML/CFT regulations to prevent money laundering and terrorist financing.
- Consumer Protection Regulations: These regulations ensure that financial institutions provide fair treatment to consumers, including transparency in terms and conditions, and protection of consumer rights.
- Market Conduct Regulations: These rules govern the behaviour of financial institutions in the market, ensuring ethical conduct and fair competition.
- FinTech and Digital Transformation: Regulations in this area focus on promoting innovation while ensuring the stability and security of financial services.
- Licensing and Supervision: Financial institutions must obtain the necessary licenses and are subject to ongoing supervision by the CBUAE to ensure compliance with all relevant laws and regulations
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