1. Without prejudice to any more severe administrative sanction prescribed under any other legislation, the Supervisory Authority may impose the following administrative penalties upon Financial Institutions, Designated Non-Financial Businesses and Professions, Virtual Asset Service Providers, and Non-Profit Organizations under its supervision, in the event of their violation of any provision of this Decree by Law, its Executive Regulations, or any other decisions issued thereby in connection therewith: a. Warning. b. An administrative fine of not less than ten thousand dirhams (AED 10,000) and not exceeding five million dirhams (AED 5,000,000) for each violation. c. Prohibiting the violator from engaging in the sector relevant to the violation for a period to be determined by the Supervisory Authority. d. Restricting the powers of board members, executive, supervisory, or managerial personnel, or owners proven responsible for the violation, including the appointment of a temporary supervisor. e. Suspending directors, board members, or executive or supervisory personnel proven responsible for the violation for a period to be determined by the Supervisory Authority or requesting their replacement. f. Suspending or restricting the activity or profession for a period to be determined by the Supervisory Authority. g. Revocation of the license. 2. Notwithstanding Paragraph (G) of Clause (1) of this Article, the Supervisory Authority may, upon imposing administrative penalties, issue an order requiring the submission of periodic reports on the measures undertaken to remedy the violation. 3. The Supervisory Authority may impose an incremental administrative fine in the event of recurrence of the same violation within a period not exceeding one year from the date of the prior administrative fine imposed therefor. 4. In all cases, the Supervisory Authority may publish the administrative penalties imposed by it through various media outlets. 5. The mechanism for sharing the administrative fines imposed by local Supervisory Authorities shall be determined by a resolution of the Cabinet upon the recommendation of the Minister.
Interpretation and application must be checked against the official text and current version.