CBUAE Consumer Protection Regulation
United Arab Emirates
2019
AML/CFT
Overview
The Central Bank of the UAE (CBUAE) issued the Consumer Protection Regulation in 2020 to ensure fair treatment of customers, promote transparency, and strengthen trust in the financial sector. It establishes a comprehensive framework for protecting consumer rights in relation to financial products and services.The regulation applies to banks, finance companies, insurers, exchange houses, payment service providers, and other licensed financial institutions under CBUAE supervision.
Key Obligations
- Treat customers fairly, transparently, and responsibly throughout the product lifecycle
- Provide clear disclosures on terms, fees, and risks of financial products
- Ensure suitability and appropriateness assessments before offering products
- Protect customer data and privacy in line with UAE data protection laws
- Implement robust complaints handling mechanisms with timely resolution
- Provide support for financial literacy and awareness initiatives
- Establish governance, oversight, and reporting frameworks for compliance
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