CBUAE introduces whistleblowing portal to report misconduct

The Central Bank of the UAE (CBUAE) has launched a new whistleblowing portal, an encrypted channel that allows internal and external stakeholders to anonymously raise any concern related to misconduct or policy violations by CBUAE employees, contractors, and representatives.

The launch of the whistleblowing portal is part of CBUAE’s efforts to promote compliance with the CBUAE Code of Conduct and the highest standards of governance. It aims at addressing occurrences of alleged illegal and unethical practices by taking the necessary action in a timely manner.

The portal, located on the CBUAE website, allows employees and external stakeholders, such as financial institutions, vendors, and the public, to voice their concerns around misconduct without the fear of reprisal. It also allows the sharing of comprehensive information around a relevant concern, including the attachment of files and documents in support of a particular claim.

The Central Bank of the UAE, the Securities and Commodities Authority (SCA), the Dubai Financial Services Authority (DFSA) of the Dubai International Financial Centre (DIFC), and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), recently launched a four-week public consultation on proposed “Guidelines for Financial Institutions Adopting Enabling Technologies”.

The consultation launched sets out principles for cross-sectoral such as banking, insurance, asset management and securities, and best practices for financial institutions when adopting enabling technologies for the development or offering of innovative products and services.

The enabling technologies include Application Programming Interfaces, Big Data Analytics and Artificial Intelligence, Biometrics, Cloud Computing, and Distributed Ledger Technology.

The objectives of these Guidelines are to promote the safe and sound adoption of these technologies by financial institutions across the UAE, so that the risks arising from the adoption of innovative activities are proactively and appropriately managed.