CBUAE Issues New Regulations for Enhanced Governance in Finance Companies

In a bid to fortify the financial landscape and tighten regulatory measures, the Board of Directors of the Central Bank announced a series of pivotal changes effective from September 29, 2023.

These amendments, meticulously crafted after a thorough examination of existing legislations, aim to enhance oversight in the realm of finance companies.

The decision comes on the heels of a comprehensive review of several key legislative frameworks, including Decretal Federal Law No. (14) of 2018, which delineates the functions of the Central Bank and orchestrates the organization of financial institutions and activities.

Additionally, the Board scrutinized the nuances of Decree Federal Law No. (20) of 2018, pivotal in the fight against money laundering, terrorism financing, and activities associated with illegal organizations.

Furthermore, the deliberations encompassed Federal Law No. (6) of 2010, a governing credit information and its subsequent amendments, along with Federal Decree Law No. (32) of 2021, which pertains to commercial companies. Cabinet Decision No. (10) of 2019 was also meticulously studied, focusing on the execution of Decree Federal Law No. (20) of 2018 concerning anti-money laundering initiatives and combatting the financing of terrorism and illegal organizations.

The convergence of these legislations served as the cornerstone for the formulation of robust and responsive regulations aimed at bolstering the regulatory environment within finance companies. These meticulous amendments, set to take effect imminently, signal a proactive stride towards reinforcing the integrity and resilience of the financial sector.

Stay tuned for an in-depth analysis of the specific alterations and their anticipated impact on the financial landscape in the forthcoming sections.

More information here.

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