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.
UAE set for second phase of single-use plastic ban
Minor earthquake recorded east of Saudi Arabia
World’s Coolest Winter campaign spotlights UAE entrepreneurs
H.H. Sheikh Hamdan highlights social cohesion in 'Dubai Lunch' initiative
Dubai tests drones to clean traffic signals
UAE leaders hail 'enduring bonds of friendship' on Bahrain's National Day
UAE locally produces 3 oncology medicines to strengthen fight against cancer
UAE stands in solidarity with Morocco over deadly flash floods
