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Home Gulf News

Insurance Business Fined Dh1.2 Million by UAE for Noncompliance

January 30, 2024
in Gulf News, Dubai, UAE
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Insurance Business Fined Dh1.2 Million by UAE for Noncompliance

An insurance firm operating in the Emirates was subject to financial sanctions worth Dh1.2 million by the Central Bank of the United Arab Emirates (CBUAE).

The Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations (AML/CFT) established the sanction under Article 14.

The insurance firm had shortcomings in its AML/CFT policies and procedures, which were discovered during the Central Bank’s routine audit, which led to the imposition of the penalties.

To protect the integrity and transparency of the insurance industry as well as the UAE financial system, the Central Bank employs supervisory and regulatory mandates to make sure that all insurance companies, as well as their owners and employees, comply with the laws, rules, and standards that have been adopted by the CBUAE.

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