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The Central Bank of the United Arab Emirates (CBUAE) said on Tuesday that it has canceled the registration of BH Insurance Brokerage.
The reason for the cancellation was not disclosed. However, the regulator said the decision was made in accordance with applicable insurance broker regulations.
“The CBUAE, through its supervisory and regulatory mandate, strives to ensure that all insurance companies and industries related to insurance companies comply with the UAE laws and regulations adopted by the CBUAE in order to maintain the transparency and integrity of the insurance industry and the UAE financial system,” the regulator said.
In October 2020, the UAE Insurance Authority merged with the Central Bank. The top bank now also regulates the insurance industry.
This is one of the rare cases where regulators deregister a company.
Recently, the central bank has also imposed financial sanctions on exchanges that violate national laws and regulations.
Last week, the central bank issued new guidance on anti-money laundering and countering the financing of terrorism for companies in the insurance sector, including insurers, reinsurers, agents and brokers. The regulator has said all companies in the insurance sector will have to demonstrate compliance with its requirements within a month.
It says companies must conduct customer due diligence, understand the nature of the customer’s business and the nature and purpose of the operator’s relationship with the customer – including the customer’s intended use of the operator’s products or services – and hold all customers in compliance throughout the business relationship. Continuous monitoring.
“Furthermore, if operators identify a customer or relationship with a higher risk of ML/TF, they must take enhanced due diligence measures,” it said.
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