In a statement on Friday, the bank said that the administrative sanction is a result of the findings of an examination conducted by the CBUAE, which revealed that Galaxy had a weak compliance framework and failed to comply with its regulatory obligations.
The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance companies and insurance-related professionals abide by the UAE laws, regulations and standards adopted by the CBUAE to safeguard the transparency and integrity of the insurance industry and the UAE financial system.
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