UAE Central Bank sanctions insurer for laxness in safeguarding clients data
Central Bank of UAE imposes 'administrative sanction' for faulty upkeep of client details
Dubai: The UAE Central Bank has imposed an administration sanction' on an insurance firm for not having proper safeguards in place for client data.
An investigation revealed the insurer had 'deficiencies in its regulatory policies and procedures' and which were in violation of the 'Guidance on the Personal Data' collected for insurance policies dated April 18, 2022. "Accordingly, the CBUAE imposed a warning on the insurance company in relation to the activity and a direction that the insurance company refrain from such activity," said a statement.
"The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies, their owners and staff abide by the UAE laws, regulations and standards to safeguard the transparency and integrity of the insurance sector and the UAE financial system," the statement added.
Last week, the regulator placed financial sanctions on a bank for deficiencies in its anti money laundering policies and procedures. The fine totaled Dh5.8 million.