Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Deputy Prime Minister and Minister of Defence of the UAE, has issued Executive Council Resolution No. (101) of 2024 in his capacity as Chairman of The Executive Council of Dubai.
The Resolution approves measures to flag foreign banks found to be in breach of administrative guidelines while operating in the emirate and stipulates penalties for such violations.
The Resolution, which specifies administrative violations and applicable fines for such foreign banks, aims to enhance compliance among banking sector institutions by establishing robust standards for responsible governance within the banking system.
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