Hamdan bin Mohammed issues resolution pertaining to foreign banks operating in Dubai

In his capacity as Chairman of The Executive Council of Dubai, His Highness 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 approving measures to flag foreign banks found to be in breach of administrative guidelines while operating in the emirate of Dubai and stipulating penalties for such violations.

The resolution, which specifies administrative violations and applicable fines for foreign banks, aims to enhance compliance among banking sector institutions by establishing robust standards for responsible governance within the banking system.

The resolution will be published in the Official Gazette and will be effective from the date of its publication.