Five insurance brokers sanctioned in UAE compliance drive

The Central Bank of the UAE (CBUAE) has taken action against five insurance brokers for failing to meet anti-money laundering and counter-terrorism financing requirements.

Two of the brokers were hit with financial penalties, while the other three received official warnings.

CBUAE says the move is part of its ongoing efforts to enforce compliance and protect the integrity of the UAE's insurance sector and financial system.

These sanctions were issued under federal laws aimed at combatting money laundering and the financing of terrorism and illegal organisations.

The names of the entities involved have not been disclosed by the Central Bank.