us

216.73.216.2

CBUAE Issues New AML/CTF Guidelines for the Insurance Sector

n-img-cbuae

The Central Bank of the UAE (CBUAE) has announced new Anti Money Laundering and Countering Terrorism Financing (AML/CTF) for the insurance sector to curb financial crime. 

The immediate implementation of the guidelines would help Licensed Financial Institutions (LFIs) assess risks and carry out their legal AML/CFT obligations effectively.

All requirements must be met within a month. The guidance covers the Money Laundering and Terrorism Financing risks (ML/TF) that are pertinent to life insurance and certain other investment-related insurance products. It mentions the preventive steps that insurance operators should take to detect, analyse, manage, and mitigate these risks.

Insurance agents are required to conduct, record, and maintain an enterprise risk assessment.

The Central Bank stated that the firms must carry out customer due diligence, comprehend the nature of the client’s business, the objective of the operator’s relationship with the client, and subject all customers to continual surveillance during the business relationship. Additionally, the operators must take extra precautions if they find a client or relationship that poses a higher risk for money laundering or terrorist financing.

The regulator advised insurance providers to have transaction tracking systems that can spot patterns of activity that seem suspicious or out of the ordinary. They must use the “goAML” site to submit an unusual activity or transaction reports immediately to the UAE’s Financial Intelligence Unit.

“Anti-Money Laundering and Combating the Financing of Terrorism is our top priority, as we work with the LFIs and the relevant authorities to prevent and mitigate these types of financial crime activities. We expect the LFIs of the insurance sector to comply with this guidance and enhance their measures and efforts to maintain the soundness of the sector,” said Khaled Mohamed Balama, Governor of the Central Bank.

Suggested Reads:

UAE Charges Six Companies with Dh3.2 Million for AML/CTF Violations

FMA Sues Tiger Brokers for AML/CTF Breaches

Cayman Island Businesses Urged to Maintain Beneficial Ownership Information

Related Posts

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Explore More

News

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

Explore More

News

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Explore More

News

Malaysia to push mandatory ID checks on social media to curb online scams

Malaysia to push mandatory ID checks on social media to curb online scams

Explore More

News

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Michigan Lawmakers propose that Age Verification be mandatory to access pornography

Explore More

News

Brazil enacts new law to regulate children’s use of social media and digital platforms

Brazil enacts new law to regulate children’s use of social media and digital platforms

Explore More

News

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

ChatGPT to introduce age checks after the UK’s teen death sparks lawsuits

Explore More

News

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Australia’s Under-16 Social Media Ban allows a margin of error in age verification

Explore More

News

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

New York outlines age checks and parental consent for minors under the SAFE for Kids Act

Explore More

News

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Wolfsberg Group Urges Financial Institutions to Adopt AI for Monitoring Suspicious Activities

Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started