Abu Dhabi: The Central Bank of the UAE (CBUAE) has imposed administrative and financial sanctions on five insurance brokers operating in the UAE. These actions are in accordance with Article (14) of the Decree Federal Law No. (20) of 2018, which pertains to Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
According to Emirates News Agency, the sanctions were implemented due to the companies' failure to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework and related sanctions. Among the penalties, two insurance brokers faced financial penalties, while the remaining three were issued official warnings.
The CBUAE exercises its supervisory and regulatory responsibilities to ensure that all insurance brokers and related professions adhere to UAE laws, regulations, and standards. This is part of the effort to maintain the transparency and integrity of the insurance industry and the UAE financial system.