The UAE Central Bank has imposed more than AED370.3mn ($101mn) in fines since the start of 2025 against banks, money exchange houses, insurers, and a finance company, in one of its most extensive enforcement campaigns in years, Gulf News reported on August 17.

The penalties, which also included licence cancellations, suspensions, and restrictions on operations, were the result of the central bank's intensifying scrutiny of the country's financial sector as it seeks to reinforce its credibility as a global financial hub.

Since January, the regulator has announced penalties against at least 13 money exchange firms, seven insurance and brokerage companies, 10 banks, including three foreign lenders, and one finance company.

In some cases, senior executives were personally fined, including one branch manager who was ordered to pay AED500,000 and barred from holding specialised financial roles in the country.

The most severe sanctions came in May, when the central bank imposed a AED200mn fine on a money exchange company, alongside a AED500,000 penalty against its branch manager.

Earlier in the year, one firm was hit with a AED100mn fine, whilst foreign banks were penalised with multimillion-dirham sanctions for compliance failures.

In addition to monetary fines, the regulator revoked the licences of several exchange houses, including Gomti Exchange and Al Hindi Exchange, and shut down branches of foreign insurers.

The penalties resulted from inspections that revealed violations in three areas: non-compliance with federal laws governing licensed financial institutions, weak anti-money laundering and counter-terrorism financing systems, and breaches of consumer protection and market conduct standards.

"The Central Bank will not tolerate violations that undermine transparency, consumer protection, or the integrity of the financial system," the regulator said.