The Commission on Competition, Promotion, and Consumer Rights imposed a financial fine on Anorbank for non-compliance with advertising legislation requirements, according to the agency's press service.
The inspection was initiated following a complaint from a resident of the Tashkent region. This citizen pointed out that the bank's promotional posts on Instagram regarding special campaigns did not contain complete information about the terms of their execution.
During the investigation, committee employees established that the advertising materials lacked information about the duration of the promotions, established limits, and the commission charged in case these limits were exceeded.
Based on the analysis of these materials, the Special Commission initiated a case against Anorbank and found the bank to be in violation of Articles 16, 21, and 43 of the Advertising Law.
According to Article 16, it is prohibited to conceal essential information about goods and services in advertising materials. Article 21 obligates the disclosure of the rules for conducting promotional campaigns, including their duration. Furthermore, Article 43 requires that advertising of financial services contains the main terms of the relevant contracts.
After reviewing the case, the Committee decided to impose a financial fine on the bank. In addition, Anorbank was required to rectify the identified violations and take measures to prevent their recurrence.
The Central Bank of the UAE (CBUAE) imposed a financial penalty of AED 1.82 million on a branch of a foreign bank operating in the country due to non-compliance with consumer protection requirements. The regulator declined to disclose the name of this branch.
The sanction was applied in accordance with Federal Decree-Law No. 6 of 2025 concerning the Central Bank, the regulation of financial institutions and activities, as well as insurance business. According to the regulator's statement, inspections revealed that the bank's branch failed to issue a letter of commitment within the legally stipulated seven-day period, which violates the Central Bank's Rules and standards regarding market conduct and consumer protection.
A letter of commitment is required when a client wishes to transfer their obligations or obtain financing from another financial institution. Banks are obliged to provide this document within specified timeframes to ensure the process and protect consumer rights.
The Central Bank emphasized that this financial penalty resulted from inspections that showed the branch's inability to issue the necessary letter in a timely manner. The regulator added that through its supervisory and regulatory powers, it monitors compliance with UAE laws, as well as the norms and standards set by the regulator, by banks, their management, and employees.
This latest enforcement action is part of the Central Bank's ongoing efforts to ensure compliance across the entire UAE banking sector. CBUAE stated its commitment to maintaining high standards of transparency, integrity, and consumer protection within the country's financial system.
