CBUAE imposes Dh1.2m financial sanction on UAE-based insurance company
Sanction is the result of the findings of the regular examination conducted by the CBUAE
The Central Bank of the UAE (CBUAE) imposes a financial sanction of Dh1.2 million on an insurance company operating in the UAE against norms relating to anti-money laundering and combating 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.
"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," the regulator wrote.