The Central Bank of the UAE (CBUAE) has levied a financial sanction on a UAE-based insurance company in accordance with Article 14 of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.
The penalty, totalling Dh1.2 million, stems from deficiencies identified in the insurance company’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) policies and procedures, as revealed during a routine examination conducted by the CBUAE.
In adherence to its regulatory role, the central bank aims to ensure compliance with UAE laws and standards to uphold transparency and integrity in the insurance sector and the broader UAE financial system.
