CBUAE imposes a financial sanction of AED 1.2 million on an insurance company operating in the UAE

ABU DHABI: The Central Bank of the UAE (CBUAE) imposed a financial sanction on an insurance company operating in the UAE, 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 CBUAE, which revealed that the insurance company had deficiencies in its AML/CFT policies and procedures. Accordingly, the CBUAE has imposed a fine of AED 1,200,000 on the insurance company. 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 adopted by the CBUAE to safeguard the transparency and integrity of the insurance sector and the UAE financial system. Source: Emirates News Agency