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Article (14):

Effective from 13/9/2021
  1. Without prejudice to any more severe administrative penalty provided by any other legislation, the Supervisory authority shall impose the following administrative penalties on the financial institutions, designated nonfinancial businesses and professions, and virtual assets service providers and non-profit organizations in case they violate the present Decree-Law and its Executive Regulation or regulatory decisions in addition to any other related decisions:
     
    1. Warning
       
    2. Administrative fine of no less than AED 50,000 (fifty thousand dirham) and no more than AED 5,000,000 (five million dirham) for each violation.
       
    3. Banning the violator from working in the sector related to the violation for the period determined by the supervisory authority.
       
    4. Constraining the powers of the Board members, supervisory or executive management members, managers or owners who are proven to be responsible of the violation Including the appointment of temporary supervisor.
       
    5. Arresting Managers, board members and supervisory and executive management members who are proven to be responsible of the violation for a period to be determined by the Supervisory Authority or request their removal.
       
    6. Arrest or restrict the activity or the profession for a period to be determined by the supervisory authority
       
    7. Cancel the License.
       
  2. Except for paragraph (g) of Clause (1) of this Article, The Supervisory Authority may upon imposing the administrative penalties, request regular reports on the measures taken to correct the violation.
     
  3. In any case, the Supervisory Authority shall publish the administrative penalties through various means of publication.