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Article (5): Suspension, Withdrawal and Revocation of License

C 6/2020 Effective from 30/10/2020
  1. The Central Bank may suspend, withdraw or revoke a License as stipulated in the Central Bank Law.
     
  2. In considering whether to exercise such power, the Central Bank would have primary regard to the need to maintain the stability of the payment system in the State, reputation of the UAE and to protect the interests of the Customer or potential Customer of the Licensee in question.
     
  3. Where a Licensee is suspended, withdrawn or revoked, the Licensee must immediately cease to take any further sum of money from Customers.