Abu Dhabi: The Central Bank of the UAE has fined a financial institution for violating the country’s laws and regulations. Financial and administrative sanctions have been imposed on the company. The action was taken against the institution which had made an illegal financial transaction and failed to submit the audited statement to the Central Bank.
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It was not immediately clear what the name of the financial institution was or how much the fine was. Despite being given a month to resolve the shortcoming, the company was not ready to address it. The central bank said that the authorities had taken such a step after that.
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