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 Ministerand Minister of Defence of the UAE, has issued Executive Council Resolution No. (101) of 2024approving measures to flag foreign banks found to be in breach of administrative guidelineswhile operating in the emirate of Dubaiand 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.