UAE Central Bank fines foreign bank Dh1.82 million over customer liability letter delay

A foreign bank branch in the UAE has been fined Dh1.82 million for failing to issue a customer’s liability letter within the mandated seven-day period. This penalty underscores the Central Bank of the UAE’s commitment to consumer protection and enforcing market conduct regulations. The move highlights the importance of timely financial documentation for customers and signals a stricter regulatory environment for banks operating in the country.