The Central imposes financial and administrative penalties on 5 insurance brokers companies

The United Arab Emirates Central Bank imposed financial and administrative penalties on five companies working in the country, according to Article 14 of the Decree of Federal Law No. 20 of 2018 regarding facing money laundering crimes and combating terrorist financing and financing of unlawful organizations.

The penalties come as a result of the companies not complying with the framework for the confrontation of money laundering, terrorist financing, financing of 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 financial system of the state.