CBUAE Revokes an Insurance Broker’s License Over Weak AML Compliance
Recently, the Central Bank of the UAE (CBUAE) revoked the license of an insurance broker operating in the UAE and struck its name off the Register. This action was taken due to the weak anti-money laundering (AML) compliance framework of the company, and its failure to meet regulatory obligations.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all businesses adhere to UAE laws, regulations and standards. This commitment safeguards the transparency and integrity of the UAE financial system.
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