The Central Bank of the UAE has imposed administrative and financial sanctions on five insurance brokers operating in the UAE under Article 14 of Decree Federal Law No. 20 of 2018 on anti-money laundering and combating the financing of terrorism and illegal organisations. The action follows failures to comply with the brokers’ anti-money laundering and combating the financing of terrorism and illegal organisations and sanctions framework and related requirements. Two brokers were fined and three received an official warning.
Central Bank of the UAE 2025-05-12
Central Bank of the UAE sanctions five insurance brokers for anti-money laundering and sanctions compliance failures
The Central Bank of the UAE has sanctioned five insurance brokers for non-compliance with anti-money laundering and counter-terrorism financing regulations under Article 14 of Decree Federal Law No. 20 of 2018. Two brokers were fined, while three received official warnings.