The Central Bank of the UAE has taken enforcement action against five insurance brokers for breaches related to anti-money laundering and counter-terrorism financing regulations.
According to a statement issued on Monday, two brokers were fined, while three others received formal warnings. The sanctions were issued under Article 14 of Federal Decree-Law No. 20 of 2018, which governs anti-money laundering (AML), combating the financing of terrorism (CFT), and illegal organisations.
The CBUAE said the companies failed to comply with its AML/CFT framework and related sanctions obligations. The statement did not name the entities or disclose the value of the fines.
The regulator added that the penalties are part of its broader supervisory role to ensure financial entities meet legal and regulatory requirements. The UAE has stepped up enforcement activity in recent years following a 2020 greylisting by the Financial Action Task Force (FATF). However, after implementing several reforms, it was removed from the list in February 2024.
The action comes as the CBUAE continues to monitor financial institutions for adherence to AML rules across sectors, including insurance, exchange houses, and digital assets.
In 2023, the UAE imposed over Dh130 million in fines related to AML violations, according to publicly available enforcement records.
