The Central Bank of the United Arab Emirates (CBUAE) has enacted administrative and financial penalties against five insurance brokerage firms operating within the country, in accordance with Article (14) of Federal Law No. (20) of 2018 regarding Anti-Money Laundering, Combating the Financing of Terrorism, and Addressing Illegal Organizations.
These penalties were imposed due to the companies’ non-compliance with the established regulations concerning Anti-Money Laundering and related sanctions. Among the affected firms, two faced financial fines, while the other three received formal reprimands.
The CBUAE, through its supervisory and regulatory roles, aims to ensure that all insurance brokers and professionals in the insurance sector comply with UAE laws and regulations. This initiative is part of a broader effort to maintain the transparency and integrity of the insurance industry and the overall financial system in the UAE.