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, Combating the Financing of Terrorism, and Illegal Organisations.
These sanctions were enforced due to the firms’ failure to adhere to the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, along with related compliance obligations. Two brokers were fined, while the other three received formal warnings.
In line with its regulatory and supervisory responsibilities, the CBUAE continues to ensure that insurance brokers and related entities comply with UAE laws, regulations, and standards. This is part of its broader objective to uphold the integrity and transparency of the insurance sector and the financial system at large.
