The Central Bank of the UAE (CBUAE) has imposed a Dh1.2 million financial penalty on an insurance company operating within the Emirates. This action comes in accordance with 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 Organizations (AML/CFT).
The penalty was levied following a routine examination conducted by the Central Bank, which uncovered deficiencies in the insurance company’s AML/CFT policies and procedures. The CBUAE, as part of its supervisory and regulatory responsibilities, is dedicated to ensuring that all insurance companies, their owners, and staff adhere to UAE laws, regulations, and standards.