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UAE insurance firm fined AED 1.2 million for flouting rules

Tuesday, 30 January 2024 15:28

By ARN News Staff

WAM

An insurance firm operating in the UAE has been fined AED 1.2 million for flouting anti-money laundering rules.

The regulatory lapses were uncovered during investigations carried out by the Central Bank (CBUAE).

The authority said that it found deficiencies in the company's policies and procedures to prevent money laundering and illegal financing.

The CBUAE, through its supervisory and regulatory mandates, works to ensure that all insurance firms, their owners and staff abide by the regulations and standards to safeguard the transparency and integrity of the UAE's financial system.

#CentralBankUAE imposed a financial sanction on an insurance company operating in the UAE, pursuant to laws on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.
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For more information: https://t.co/dECqRaPHKI
— Central Bank of the UAE (@centralbankuae) January 30, 2024

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