UAE, 8 May, 2025 : The Central Bank of the UAE (CBUAE) has taken regulatory action against five insurance brokers for violations related to anti-money laundering (AML) and counter-terrorism financing laws. The action was taken under Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
Following supervisory inspections, the CBUAE found the companies had failed to meet compliance requirements within their AML frameworks. As a result, two of the brokers were issued financial penalties, while the remaining three received official warnings.
The CBUAE emphasized its ongoing commitment to maintaining transparency and integrity within the UAE’s insurance and financial sectors. It continues to monitor and enforce compliance across all licensed entities to ensure adherence to national laws and international standards.
Source : www.centralbank.ae
