In a statement, the authority said the action was taken after CBUAE inspections revealed that the finance company had failed to comply with the “Market Conduct and Consumer Protection Regulations and Standards”.
The authority did not reveal the name of the company.
Earlier this week, the Central Bank had imposed a AED10.7 million fine on an exchange house for violations of anti-money laundering and counter-terrorism financing regulations.
It also shut down three exchange houses for similar violations in July, as the country cracks down on non-compliance with regulations.
Source: https://www.dubaieye1038.com/news/local/uae-central-bank-imposes-aed600000-on-finance-company/
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