The Central Bank of the UAE (CBUAE) has imposed sanctions on five insurance brokers for failing to comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, highlighting the country’s commitment to maintaining a secure and transparent financial system.
According to the CBUAE, two of the insurance brokers were fined, while the remaining three were issued official warnings. These actions are part of the Central Bank’s ongoing efforts to ensure strict compliance with federal laws designed to combat money laundering, terrorist financing, and activities linked to illegal organizations.
Although the Central Bank has not disclosed the names of the sanctioned brokers, it emphasized that maintaining the integrity of the UAE’s insurance sector and the broader financial system remains a top priority.