The Central Bank of the UAE (CBUAE) imposed a financial sanction on an insurance company operating in the country.
The sanction is pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.
The financial sanction is the result of the findings of the regular examination conducted by the Central Bank, which revealed that the insurance company had deficiencies in its AML/CFT policies and procedures.
CBUAE issues insurance company fine
Accordingly, the Central Bank has imposed a fine of AED1.2m ($327,000) on the insurance company.
The Central Bank, through its supervisory and regulatory mandates, works to ensure that all insurance companies, their owners and staff abide by the country’s laws, regulations and standards to safeguard the transparency and integrity of the insurance sector and the national financial system.
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