The Central Bank of the UAE has declared that BH Insurance Brokerage’s registration has been revoked. In a statement, the banking authority said the move is in “accordance with the applicable insurance broker’s regulation”. However, it did not reveal the reason for the cancellation.
The central bank stressed that it looks to ensure all businesses and professions operating in the insurance industry comply with UAE laws and regulations. This is to “safeguard the transparency and integrity of the insurance industry and the UAE financial system”.
The move is the latest in a series of sanctions the government has imposed on businesses in the country. The UAE government has recently imposed fines worth 3.2 million UAE dirhams ($871,270) on six companies for violating anti-money laundering and counter-terrorism financing regulations.
The fines were imposed following inspections by the Ministry of Economy. Also this month, the UAE central bank imposed severe fines totaling 2.95 million UAE dirhams on two exchange firms for breaking anti-money laundering regulations.
