"Central" It imposes financial and administrative penalties on five insurance brokers companies
Abu Dhabi, May 12 / WAM / The United Arab Emirates Bank imposed financial and administrative penalties on five operating insurance brokers companies in the country, according to Article 14 of Decree Law No. 20 of 2018 regarding facing money laundering crimes and combating terrorist financing and financing illegal organizations.
The penalties come as a result of companies not compliance with the framework of the work of facing money laundering, financing terrorism, financing illegal organizations and relevant sanctions.
The penalties included the imposition of financial fines on two companies, and the issuance of official warnings to the other three companies.
The central bank works, through its supervisory and regulatory missions, to ensure the commitment of all insurance brokers companies and its employees to the laws in force in the UAE, and the regulations and standards approved by it, with the aim of preserving the transparency and integrity of the insurance sector, and protecting the state’s financial system.
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