Regulatory Alerts2022-10-31
CBUAE Guidance for the Insurance Sector on Anti-Money Laundering and Combating the Financing of Terrorism
The Central Bank of the United Arab Emirates issued this guidance to assist licensed insurers, agents, and brokers in complying with statutory anti-money laundering and counter-terrorist financing obligations. The document mandates a risk-based approach requiring operators to conduct comprehensive enterprise risk assessments and implement robust customer due diligence measures, particularly for life and investment-related insurance products. It further details specific mitigation strategies including transaction monitoring, suspicious transaction reporting, sanctions compliance, and governance requirements to effectively manage money laundering and terrorist financing vulnerabilities.
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