CBUAE Issues New AML/CFT Guidelines for the Insurance Industry

New anti-money laundering (AML) and Countering the Financing of Terrorism (CFT) guidelines have been released by the Central Bank of the UAE (CBUAE) for the Licensed Financial Institutions (LFIs) in the insurance sector, which includes insurance and re-insurance firms, agents, and brokers.

The guidelines go through how insurance operators should use preventative measures to detect, analyze, monitor, and prevent money laundering and funding of terrorism risks that are pertinent to life insurance and other investment-related insurance products.

The Role of Due Diligence

• Conduct due diligence on each client,
• Comprehend the type of the customer’s business,
• The purpose of the operator’s relationship with the customer,
• Should maintain transaction monitoring systems, and
• Subject all customers to continual surveillance during the business relationship.

Any activity that may be connected to money laundering, terrorist financing, or a criminal offence must be reported by sending suspicious activity or transaction reports straight to the UAE’s Financial Intelligence Unit via the “goAML” site.

Financial institutions throughout the globe, particularly those in the Gulf region, are discovering that it is more and more challenging to apply new legislation and create complete compliance systems as the regulatory framework evolves and becomes more demanding. However, the government has put in place rigorous regulations to prevent money laundering and terrorist funding in the UAE.

HLB HAMT is a renowned consultancy firm conducting impartial evaluations of anti-money laundering compliance systems in many sectors. Our team of professionals can assist you in developing, implementing, and enhancing your compliance programme for financial and other designated non-financial organisations.

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