UAE raises ceiling for CBUAE fines

The UAE issued a federal degree defining the Central Bank of the UAE’s regulatory scope, raising its ceiling for administrative fines to up to 10x the value of a violation or unjust gain, state news agency Wam reports. The law also authorizes the CBUAE to automatically debit the funds from offenders’ accounts — and explicitly allows the CBUAE to replace management, restructure capital, or liquidate distressed institutions.

Plus, new avenue for consumer redress: The law also sets up specialized judicial committees to resolve financial disputes for claims of up to AED 100k, complementing Sanadak — the CBUAE’s ombudsman unit launched last year to handle complaints against banks and insurers.