The Central Bank of the UAE (CBUAE) has introduced a whistleblowing portal to allow internal and external stakeholders to anonymously raise any concerns related to misconduct or policy violations by CBUAE employees, contractors and representatives.
The regulator said that the portal was in “accordance with its commitment to uphold the highest standards of integrity and transparency”.
It aims at “addressing occurrences of alleged illegal and unethical practices by taking the necessary action in a timely manner”.
The CBUAE said in a statement: “The portal 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.”
Encouragement
Stuart Ritchie, director at AES, told International Adviser: “The UAE has strict social media policies which have discouraged people to come forth and share their grievances with businesses. The new whistleblowing portal is a great way around this. It’s yet another step the UAE is taking to address misconduct in financial services.
“I hope it encourages people to report unethical practices in the region – and to do so without fear of retaliation or reprimand.”
Tim Searle, chairman of Globaleye, said: This is nothing new in other markets and in particular the US where whistle blowing is encouraged and rewarded through cash compensation in relation to a % of the fine issued to any offending institution. There will need to be various checks and balances in place to ensure the integrity of the platform not only from the confidentiality of the whistle-blower but the accuracy, credence and genuine nature of the report in the first instance.
“This means the whistle blower must be able to substantiate the report and failure to do so could result in repercussions from the regulatory body for abusing the service. This has been evident online where internet trolls behind a veil of concealment will concoct bogus statements with the intent to harm or discredit corporates or individuals.
“In summary, it is a good move by the CBUAE who are clearly determined to progress the regulatory landscape of the UAE and align it with other major regulatory bodies in other parts of the world.”
