Sanctions imposed on five Emirati banks and two insurers

The Central Bank of the United Arab Emirates (CBUAE) has imposed a fine amounting to 2.621 million AED (713.530 USD) on five banks and two insurers operating in the country.

This sanction follows the failure to comply with compliance standards, particularly in terms of due diligence and accuracy of financial reports.

This measure aims to improve the quality of the UAE's financial system and confirms the CBUAE's commitment to global initiatives promoting the integrity and transparency of tax systems.