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Al Fazaa Insurance Agent's registration was revoked on Thursday by the Central Bank of the UAE (CBUAE). This is the second time such a decision has been made this week after the regulator revoked BH Insurance Brokerage's registration on Tuesday. According to the Central Bank, the registration of Al Fazaa Insurance Agent was revoked in conformity with the rules governing the insurance agents' companies. The New anti-money laundering and anti-terror financing regulations were published by the CBUAE a week ago for businesses working in the insurance industry, including insurers, re-insurers, agents, and brokers. It added that businesses must perform customer due diligence, comprehend the nature of the customer's business and the nature and purpose of the operator's relationship with the customer, including the regular uses to which the customer will put the operator's products or services, and subject all customers to ongoing monitoring throughout the business relationship. BKM/ Expat Media
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