WAM
12 May 2025, 16:58 GMT+10
ABU DHABI, 12th May 2025 (WAM) -- The Central Bank of the UAE (CBUAE) has imposed administrative and financial sanctions on five insurance brokers operating in the UAE, pursuant to Article (14) of the Decree Federal Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.
The imposition of the sanctions results from the companies' failure to comply in its Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and Sanctions framework and related sanctions. The sanctions included financial penalty on two insurance brokers while the remaining three received an official warning.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance brokers and insurance-related professions, abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the insurance industry and the UAE financial system.
Get a daily dose of Middle East Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Middle East Star.
More InformationABU DHABI, 12th May 2025 (WAM) -- The Central Bank of the UAE (CBUAE) has imposed administrative and financial sanctions on five insurance...
New Delhi [India], May 12 (ANI):Humanoid will arrive sooner than expected, says Morgan StanleyHumanoid will arrive sooner than expected,...
US President Donald Trump is expected to accept a luxury Boeing 747-8 plane as a gift from the Qatari royals ...
US President Donald Trump is expected to accept a luxury Boeing 747-8 plane as a gift from the Qatari royals US President Donald...
Nagpur (Maharashtra) [India], May 11 (ANI): Defence expert Shiwalee Deshpande on Sunday warned Pakistan about the consequences of waking...
Mumbai (Maharashtra) [India], May 11 (ANI): Indian stock markets, in the upcoming week starting from Monday, will be Geopolitical developments,...
HARRISBURG, Pennsylvania: People in Pennsylvania who are 21 or older could soon be allowed to legally buy and use marijuana. The state...
AUSTIN, Texas: Six people in a small Texas county have been charged with serious crimes as part of a growing election investigation...
WASHINGTON, D.C.: The Federal Aviation Administration (FAA) says it is taking urgent steps to fix problems that have caused hundreds...
WASHINGTON, D.C.: This week, U.S. Defense Secretary Pete Hegseth ordered a 20 percent cut in the number of four-star generals and admirals,...
KATHMANDU, Nepal: An American climber has died on Mount Makalu in eastern Nepal while raising money for a children's cancer program,...
WASHINGTON, D.C.: This week, U.S. President Donald Trump signed an executive order to speed up the approval of drug manufacturing plants...