The Central Bank of the UAE (CBUAE) imposed Dh1.2 million financial sanctions on an insurance company operating in the Emirates.

The sanction was imposed according to Article 14 of Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and the Financing of Illegal Organisations (AML/CFT).

The fine is the result of the findings of the regular examination conducted by the Central Bank, and investigations revealed that the insurance company had deficiencies in its AML/CFT policies and procedures.

The Central Bank, 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.