The Universal Exchange Center (UEC) follows strict guidelines for disclosure and transparency, in line with the Central Bank of the UAE regulations. This ensures that consumers, stakeholders, and regulatory bodies receive accurate, clear, and timely information about UEC’s services, pricing, and operations. All financial products and services must meet transparency standards, including bilingual documents in Arabic and English, and accessible information for all consumers, including people of determination. UEC is committed to providing clear advice, ensuring all transactions are properly documented, and continuously improving its disclosure processes. It must also disclose key facts, fees, risks, and terms, ensuring consumers have sufficient time to review information before making decisions. Staff is required to identify themselves clearly and disclose any potential conflicts of interest. UEC must cooperate with regulatory authorities and handle consumer complaints transparently. The institution also monitors its compliance regularly and ensures that all policy or service changes are communicated to consumers well in advance. In all practices, UEC prioritizes transparency, accessibility, and consumer protection.

General Provisions for all Financial Products/Services

1. Disclosure and Transparency: All products/services must adhere to disclosure and transparency requirements across all communication channels.
2. Bilingual Disclosure: UEC must provide all service-related documents, such as transaction receipts, agreements, and terms and conditions, website, product disclosure, consumer rights and complaints in both Arabic and English. This includes documents related to foreign exchange, remittances, and any financial services offered to consumer.
3. Access to Information: Disclosure information must be easily accessible at physical branches and other channels such as website.
4. Accessibility for All Consumers: UEC must be committed to ensuring accessibility for all consumers, including people of determination. Forms (feedback, complaints, and service requests) must be designed to be simple, clear, and easily understandable, utilizing plain language. The website widgets must be simple, clear, and compatible with assistive technologies, like screen readers. All interactive elements must be properly sized and optimized to avoid accessibility issues.
5. Clear, Plain Language: UEC must ensure that all information is provided using clear and simple language, readable fonts, and helpful visual elements like text boxes and tables.
6. Use of Official Documents: Transactions must be conducted using official documents that clearly identify the Universal Exchange Center (UEC) and its compliance with regulatory requirements.
7. Accurate Branding: UEC full legal name (Universal Exchange Center) and regulatory statement (Licensed By Central Bank of the UAE) must be visible on signage, website, business cards, and marketing materials.
8. Accurate Advice: All advice given to consumers by Universal Exchange Center (UEC) must be truthful, clear, and complete, avoiding misleading or omitted details.
9. Documentation of Specific Advice: When specific advice is provided, it must be documented, and a copy must be given to the consumer when a product/service is sold.
10. Monitoring and Improvement: The effectiveness of disclosures must be continuously monitored and improved using techniques like complaint analysis, surveys, and mystery shopping.
11. Account Services Information: UEC must inform consumers about included and optional account services and any related fees.
12. Terms and Conditions for Payment Instruments: UEC must provide full disclosure of terms, expiration dates, unclaimed balances, and fees for all payment instruments
13. Rebates, Gifts, or Incentives: If any rebates, gifts, or incentives are offered, their terms and conditions must be clear and accessible.
14. Consequences of Non-compliance: UEC must warn the consumers of the consequences if they fail to meet the terms and conditions of the financial products or services.
15. Warning Statements: Important warning statements must be highlighted clearly in all disclosures regarding risks and negative financial implications.
16. Fee Schedules: UEC’s fees, including third-party fees, must be displayed clearly in all branches and on the website.
17. Key Facts Statement: A concise Key Facts Statement must be provided to consumers before or upon request when offering financial products/services
18. Key Facts Document Features: The Key Facts Statement must be simple, standalone, concise (preferably within 2 pages), and must highlight the main risks, costs, and terms of the financial products.

This chapter outlines the institutional oversight and governance framework at Universal Exchange Center (UEC) to ensure compliance with the Consumer Protection Regulation set by the Central Bank of the UAE (CBUAE). UEC is committed to strong governance, risk management, and oversight mechanisms to uphold consumer protection and public trust. The Owner and Senior Management are responsible for setting the tone of transparency, fairness, and compliance, while ensuring that appropriate structures and policies are in place. UEC’s control framework must identify and manage risks related to conduct and compliance, with clear roles for Risk, Compliance, and Audit functions to monitor and enforce these standards.

Before launching or changing financial products, UEC must carefully assess the potential risks and consumer protection compliance. Staff must be trained to maintain consumer protection standards, with remuneration structures designed to encourage responsible business practices. A comprehensive complaint management system must be in place to track, resolve, and analyze consumer complaints, ensuring continuous improvement. Additionally, UEC must implement a conduct risk framework, regularly assess risks, and submit reports to the Central Bank, including an annual attestation of compliance. A culture of fairness, transparency, and ethical conduct is essential, with senior management leading by example. Finally, UEC will undergo regular independent audits to assess the effectiveness of its consumer protection policies and customer service, ensuring compliance with regulations and recommending improvements to enhance customer satisfaction.

The Market Conduct Policy at Universal Exchange Center (UEC) aims to establish principles that ensure business activities are conducted with integrity, transparency, and in compliance with the Central Bank of the UAE's (CBUAE) market conduct standards. UEC is dedicated to protecting consumers, maintaining fair competition, and upholding public trust in the financial marketplace. The policy outlines responsible market conduct, ensuring that UEC operates in a fair, honest, and transparent manner. UEC's staff must be qualified, honest, and undergo regular training to stay updated on regulations and best practices.

UEC is committed to transparent sales, pricing, and promotional activities, ensuring all offers and claims are clear and truthful. Management must regularly monitor market conduct through activities like mystery shopping, site visits, and consumer feedback analysis. The policy also promotes fair competition, ensuring that UEC avoids anti-competitive practices and supports consumer mobility by allowing easy account transfers and closures without unfair fees. In the event of intervention by the Central Bank, UEC will comply with all regulations. Staff accountability is reinforced through regular training and internal audits to ensure compliance with the policy. UEC remains dedicated to upholding high standards of market conduct, promoting consumer protection, and ensuring ongoing compliance with CBUAE regulations.

Universal Exchange Center (UEC) adheres to the principles of business conduct outlined in Article 5 of the Consumer Protection Regulation by the Central Bank of the UAE. UEC is dedicated to ethical business practices, ensuring fair treatment of consumers, and fostering transparency, integrity, and accountability. The company commits to offering clear and honest information about products and services while prioritizing consumer interests and maintaining professional conduct across all interactions. Employees must follow a strict Code of Conduct that includes honesty, professionalism, and respect for consumer data, alongside regular training to uphold these standards.

UEC is also committed to clear communication about products and services, providing accurate and detailed information to avoid misleading practices. In cases of consumer complaints or errors, UEC promises to act promptly, issue refunds where necessary, and resolve disputes fairly. The company maintains strict protocols for handling unauthorized transactions, ensuring that consumers have access to 24/7 reporting channels and that investigation are completed swiftly.

UEC also implements measures to prevent conflicts of interest, ensuring fair and unbiased treatment for all customers. Additionally, the company regularly conducts internal audits to ensure compliance with consumer protection laws and submits annual reports to the Central Bank of the UAE. Consumer satisfaction is central to UEC’s operations, with regular surveys and feedback mechanisms designed to improve services and maintain high levels of transparency and integrity.

The Universal Exchange Center (UEC) has established robust measures to protect consumer data and assets, in full compliance with Decretal Federal Law No. (14) of 2018 and other relevant regulations. UEC implements strict policies and procedures for handling consumer data, ensuring its confidentiality, security, and authorized use. Consumer data is protected through secure systems, and staff members undergo regular training to maintain high standards of data protection. In the event of any data breaches, UEC takes immediate action, notifying both senior management and affected consumers, and reporting to the Central Bank as required. Consumer consent is obtained before collecting personal data, and they are informed of their rights to withdraw consent at any time. Data is securely stored and retained for a minimum of five years, after which it is destroyed or deleted.

UEC also focuses on safeguarding consumer assets, preventing fraud, and managing unclaimed funds. Internal controls ensure assets are secured, including segregation of duties and physical security. Fraud detection systems are in place to monitor and respond to incidents, with reports submitted to the Central Bank. Unclaimed funds, including dormant accounts and unclaimed transfers, are segregated and held separately, with ongoing efforts to return them to consumers. If unclaimed funds are not returned by the time of company dissolution, they are handed over to the Central Bank. UEC ensures transparency in managing unclaimed funds, documenting, monitoring, and disclosing them monthly, with internal audits to maintain compliance

The Universal Exchange Center (UEC) has established a robust framework for managing and resolving consumer complaints efficiently while complying with regulatory standards. This includes a dedicated, independent Complaint Management function located in the UAE, ensuring unbiased investigation and resolution of complaints. UEC provides multiple channels for consumers to file complaints, such as email, phone, or WhatsApp, and guarantees acknowledgment of complaints within 2 business days with a unique service request number. The complaints are resolved within 3 to 7 working days, with a maximum of 10 days for complex issues. If unresolved, complaints can be escalated to a separate Complaint Resolution Mechanism (CRM) that is free and governed by fairness, transparency, and efficiency. UEC ensures that its complaint process is publicly accessible and that customers are informed about how to file complaints. Additionally, UEC maintains comprehensive records of complaints, performs root cause analysis, and submits quarterly reports to senior management and regulatory bodies. Staff is trained to handle complaints effectively, and regular performance evaluations ensure continuous improvement. Furthermore, consumer feedback is actively solicited after the resolution of complaints to assess satisfaction and identify areas for improvement.

Universal Exchange Center (UEC) is committed to promoting financial inclusion by ensuring all consumers, including vulnerable groups, have equal access to financial products, services, and information. UEC prioritizes serving low-income individuals, minority groups, people of determination, and other disadvantaged groups, ensuring they are treated without discrimination. The institution complies with federal laws regarding the rights of people with special needs and other vulnerable groups, and it actively ensures fair treatment through its internal anti-discrimination policies. UEC also designs its financial products and services to be accessible, offering accommodations for people of determination, elderly consumers, and those with limited technological literacy. Additionally, UEC supports illiterate consumers by providing audio-based information and allowing trusted representatives to assist them. To maintain fairness, UEC collects and analyzes data on customer access to services, ensuring no group is disadvantaged. The institution also provides regular staff training on equality, promoting awareness and minimizing unconscious bias to ensure that all consumers are treated with respect and fairness.

In conclusion, Universal Exchange Center (UEC) is fully committed to upholding the highest standards of consumer protection in accordance with the regulations set by the Central Bank of the UAE (CBUAE). UEC policies and practices are designed to ensure that every consumer is treated fairly, their feedback is valued, and their concerns are addressed promptly and effectively. By prioritizing transparency, accountability, and continuous improvement, UEC strives to maintain a trustworthy and customer-centric environment that fosters confidence and satisfaction. UEC are dedicated to safeguarding consumer rights and ensuring that UEC services consistently meet the expectations of those UEC serve.