Penalizing banks that did not comply with the regulations and controls of the Central Bank Establishing a supreme committee to confront fraud and electronic forgery in the banking sector

His Excellency Muhammad bin Hadi Al-Hussaini, Minister of State for Financial Affairs, revealed the establishment of a committee to confront electronic fraud related to the banking sector, under the name of the “Joint Higher Committee to confront fraud, forgery and electronic threats related to the banking sector”, which undertakes the tasks of uniting efforts and proposing appropriate improvements, to face any challenges. facing the banking sector.

He added, in his response to a parliamentary question during the Federal National Council session today, “Wednesday,” that the inspection teams at the Central Bank have spent the past two years conducting inspection campaigns, which resulted in imposing penalties on banks that did not comply with the regulations and instructions of the Central Bank in this regard, pointing out in At the same time, it was found through inspection that a number of bank customers are providing bank data to other people in an unauthorized way, or by listing bank card data in unsafe sites.

And Muhammad bin Hadi Al-Husseini continued: The financial sector comes at the top of the most targeted strategic sectors in the world, and cyber attacks are addressed by government agencies, and the banking and financial sector witnessed, during the recent period, an accelerated transformation with the number of branches shrinking and the volume of financial payments increasing, and the “Covid-19” pandemic accelerated 19 » This transformation.

His Excellency Al Husseini added: The Central Bank of the UAE issued a notice addressed to all banks regarding the common features in the event of financial fraud, through which it called on banks to strengthen controls, and the center holds periodic meetings to discuss risks that may have an impact on the banking sector.