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The Central Bank of the Emirates issues new guidelines for the insurance sector regarding countering money laundering

Abu Dhabi – Mubasher: The Central Bank of the Emirates issued new guidelines on countering money laundering and combating the financing of terrorism for licensed financial institutions in the insurance sector, which include insurance and reinsurance companies, agents and brokers.

The new guidelines, which come into force immediately, contribute to the development of authorized financial institutions’ understanding of the risks and the effective implementation of their legal obligations related to anti-money laundering and combating the financing of terrorism, and to enhance their compliance with the standards of the Financial Action Task Force (FATF), according to a press release.

Licensed financial institutions in the insurance sector must comply with the requirements contained in the Guidelines within one month from the date of issuance.

The new guidelines included money laundering and terrorist financing risks related to life insurance and other investment-related insurance products, and mechanisms for implementation by licensed financial institutions in the insurance sector of preventive measures to identify, evaluate, manage and mitigate these risks, as these companies must conduct an institutional risk assessment, document and update them. .

They must conduct customer due diligence, understand the nature of their business and the purpose of the business relationship, including the customer’s expected uses of insurance products or services, subject all customers to continuous monitoring throughout the business relationship, and apply enhanced due diligence procedures when identifying any customer or business relationship presenting risks High in money laundering or terrorist financing.

Licensed financial institutions in the insurance sector must maintain transaction monitoring systems equipped to identify patterns of unusual and potentially suspicious activities, as they must report any suspicious behavior that may be related to money laundering, terrorist financing or criminal offenses, by submitting an activity report or suspicious transactions directly to the UAE Financial Information Unit using the portal “goAML“.

These preventive measures must also be integrated into the compliance program of licensed financial institutions in the insurance sector to counter money laundering and combat the financing of terrorism and support them with appropriate governance and training, in addition to independent auditing.

Khaled Mohamed Balama, Governor of the Central Bank, said: “Confronting money laundering and combating the financing of terrorism is a top priority for the Central Bank, as we work with licensed financial institutions and the relevant relevant authorities to prevent financial crime activities of all kinds, and we look forward to the commitment of licensed financial institutions in the insurance sector to these measures.” Guidelines and strengthening its procedures and efforts to protect the sector and maintain its safety.

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