UAE Central Bank revokes Cogent Insurance Broker's license for 'weak' compliance
Central Bank had found weak internal compliance framework at brokerage firm
Dubai: Weak compliance has led to the license of Cogent Insurance Broker being revoked by the UAE Central Bank. The latter had earlier conducted an assessment of the company's operations, which found that apart from having a 'weak' compliance framework, it also failed to comply with regulatory obligations.
The Central Bank 'works to ensure that all insurance companies and insurance related professionals abide by the UAE laws, regulations and standards', it said in a statement. "This to safeguard the transparency and integrity of the insurance industry and the UAE’s financial system.
Through the recent past, the regulator had intervened forcefully in the wider financial services sector to make sure licensed entities were in full compliance. There had also been action taken against firms for faulty AML norms.