The Central Bank of the United Arab Emirates (CBUAE) has set up an encrypted whistleblowing portal for internal and external stakeholders to voice concerns about misconduct or policy violations made by its contractors, representatives and employees.
CBUAE launched the encrypted channel to ensure better governance and compliance of its Code of Conduct, aiming to address any illegal activity or unethical practices that would undermine its credibility. The entity plans to use this tool to take necessary action against parties involved in such behavior in a timely manner once alerted.
It can be accessed on the CBUAE website to report actions made by stakeholders ranging from financial institutions to employees and vendors that represent it. The whistleblower can file the complaint and attach files and documents relevant to the situation.
The “Whistleblowing” page on the website outlines that the portal will play an instrumental role in keeping their institution “honest, efficient and responsible”.
“In recognition of this role, the Central Bank of the UAE provides the opportunity for all stakeholders including supervised entities, vendors, counterparties and the public to discreetly disclose wrongdoings by CBUAE Employees, Contractors, and Representatives in an environment free from the threat of retaliation. Fraud and corruption can be averted and reputations protected if timely information is received and acted upon.”