Two fined, three warned for breaching anti-money laundering and terrorism financing rules.
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.
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