Dubai: The Central Bank of the UAE (CBUAE) has imposed administrative and financial sanctions on five insurance brokers operating in the country for failing to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.
The penalties were issued under Article (14) of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
According to the CBUAE, two insurance brokers were handed financial penalties, while three others received formal warnings following supervisory reviews that found deficiencies in their AML/CTF compliance frameworks and sanctions controls.
Transperancy boost
The central bank reiterated its commitment to ensuring that all licensed financial institutions, including insurance intermediaries, operate in full alignment with UAE laws and regulatory standards. The action is part of ongoing efforts to strengthen the integrity and transparency of the country’s financial system.
“The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance brokers and insurance-related professions abide by UAE laws, regulations, and standards,” the regulator said in a statement, noting that effective compliance is essential to protect the broader financial ecosystem.
No further details on the identities of the sanctioned brokers or the amounts of the financial penalties were disclosed. In February, the CBUAE imposed a Dh3.5 million fine on a UAE-based exchange house.
