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.
— Central Bank of the UAE (@centralbankuae) January 30, 2024
⁰
For more information: https://t.co/dECqRaPHKI
2 men get 6-month jail terms for illegally fitting emergency lights on car
UAE condemns Iranian missile attacks on oil tankers that killed one
UAE strongly condemns ongoing attacks on Kuwait’s Consulate in Iraq
Zayed Sustainability Prize attracts strong global participation
UAE announces four days of mourning following death of former Qatar Emir
Sharjah ramps up drive to reduce single-use waste
UAE voices support for Bahrain, Kuwait and Jordan after hostile Iranian attacks
Fire breaks out at warehouse in Abu Dhabi's Zayed Military City
