emirates7 - The Central Bank of the UAE (CBUAE) has issued both administrative and financial penalties against five insurance brokers operating within the country, in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering and Countering the Financing of Terrorism and Illegal Organizations.
These penalties were imposed due to the brokers' non-compliance with anti-money laundering and counter-terrorism financing regulations, as well as related sanctions frameworks. As a result, two brokers were fined financially, while the other three received formal warnings.
Through its regulatory and supervisory roles, the CBUAE continues to ensure that insurance brokers and related entities adhere to UAE laws and regulatory standards. This oversight aims to uphold the integrity, transparency, and stability of both the insurance sector and the broader financial system in the UAE.
These penalties were imposed due to the brokers' non-compliance with anti-money laundering and counter-terrorism financing regulations, as well as related sanctions frameworks. As a result, two brokers were fined financially, while the other three received formal warnings.
Through its regulatory and supervisory roles, the CBUAE continues to ensure that insurance brokers and related entities adhere to UAE laws and regulatory standards. This oversight aims to uphold the integrity, transparency, and stability of both the insurance sector and the broader financial system in the UAE.