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An insurance company in the UAE has been fined Dh1.2 million for failure to comply with regulations

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An insurance company in the UAE has been fined Dh1.2 million for failure to comply with regulations

The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh1.2 million on an insurance company operating within the Emirates. This penalty was enforced in accordance with Article 14 of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations (AML/CFT). The sanction was levied following a routine examination conducted by the Central Bank, which revealed deficiencies in the insurance company's AML/CFT policies and procedures.

Through its supervisory and regulatory responsibilities, the Central Bank ensures that all insurance companies, along with their owners and staff, comply with UAE laws, regulations, and standards established by the CBUAE. This oversight aims to uphold transparency and integrity within the insurance sector and the broader UAE financial system.

 

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