This Code of Conduct is designed to serve as a voluntary code for Banks to follow, providing guiding principles to raise the professional standards of banking practice and promote trust in the UAE Banking Industry.
The Code is not a legal document, nor is it intended to replace the banks own policies. Its main purpose is to provide a Code of behavior between banks in order to promote fair competition between banks and to strengthen and develop the UAE Banking Industry.
The responsibility to comply with the Code rests with each individual bank. Every member of the UAE Banking Federation will be expected to adhere to the Code at all times.
A bank must conduct its business with integrity, high ethical standards, due skill, care and diligence.
A bank must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems and financial resources.
A bank must have and employ effectively the resources, policies and procedures, processes, systems and control checks, including compliance checks and staff training that are necessary for compliance with and understanding of this Code and the banks own code of conduct/ethics.
A bank must take reasonable care to keep secure from unauthorized disclosure; any confidential information it receives on clients, or any details of the transactions of its clients, only releasing information when , or specifically permitted by laws and regulations.
A bank must take reasonable care to ensure their use of technology and systems protects clients and the banking system as a whole and does not subject its clients nor the system to unnecessary loss.
Interbank relationships should be based on accessibility, mutuality and confidence through the exchange of current and truthful information where appropriate and in line with any applicable law and regulation..
Banks should respond (to the fullest extent possible in line with their internal policies and any applicable law and regulation) in a timely manner to information requests on former employees. Information given between banks should always be treated in confidence.
A bank must observe proper standards of market conduct and manage conflicts of interest fairly, both between itself and its customers and stakeholders, and between a customer and another customer.
A bank should engage in areas of activity permitted under its licence, only after it has taken reasonable measures to ensure it has the necessary resources and expertise to conduct them without endangering the well being of the financial system.
A bank must pay due regard to:
Banks will ensure that all its advertising and promotional material is clear, fair and not misleading.
Relations with regulator and the country at large
Banks should develop and train UAE National staff in line with national objectives to increase the proportion of banking professionals who are UAE Nationals.
Banks should endeavor to develop their own UAE National talent through their own banking schools and academies and encourage the recruitment of fresh competent graduates.