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The Central Bank of the UAE (CBUAE) has cancelled Al Fazaa’s registration as an insurance agent due to non-compliance with Anti Money Laundering (AML) laws.
This is the second time this week that a similar decision has been made. The regulator cancelled registration of BH Insurance Brokerage on Tuesday.
The authority has been overseeing the industry since it was merged with the UAE Insurance Authority in October 2020.
The CBUAE published new AML and Combating Terrorism Financing (CTF) regulations a week ago for the businesses who work in the insurance sector such as insurers, agents, re-insurers, and brokers.
It further stated that firms should conduct customer due diligence and comprehend the type of the client’s business. They must understand the purpose and nature of the operator’s relationship with their customer, along with the customer’s anticipated uses of the operator’s services or products, and subject all clients to constant monitoring throughout their business relationship.
The Central Bank stated that it has cancelled Al Fazaa’s registration in conformity with the regulations that governs the insurance agents’ firms.
“The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and professions related to insurance companies comply with the UAE laws and regulations adopted by the CBUAE, to safeguard the transparency and integrity of the insurance industry and the UAE financial system,” it said.