UAE Central Bank

The Base Rate is anchored to the US Federal Reserve’s IORB

The central bank also flagged data residency concerns, noting that information shared via such platforms could be stored or processed outside the UAE, potentially breaching local regulations

The enforcement action follows supervisory examinations carried out by the CBUAE

The action was taken under Article (14) of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations

The branch had failed to meet the requirements set out in the Market Conduct and Consumer Protection Regulations and Standards