HH 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 to regulate the operations of foreign banks in the Emirate. The Resolution establishes measures to flag non-compliant foreign banks and specifies penalties for breaches of administrative guidelines.
The newly issued Resolution aims to enhance compliance within the banking sector by outlining administrative violations and associated fines for foreign banks operating in Dubai. It seeks to uphold robust governance standards and reinforce responsible practices across the financial system.
The Resolution will be published in the Official Gazette and will become effective on the date of its publication, marking another step in Dubai’s efforts to strengthen regulatory oversight in the financial sector.