UAE – Combatting money laundering in insurance
Wednesday, 04 13 2016, Category: Insurance and Reinsurance, Country: U.A.E
The Insurance Authority sent a memo to all insurance companies and insurance professionals in the country confirming the necessity of complying with in-force legislations for combatting money laundering and terrorism financing in insurance activities.
The Insurance Authority warned companies and insurance-related professions about the need to company with provisions of this law including the appointment of a “compliance employee” who should be empowered to work independently. Companies should report doubtful transactions to the central bank and at the same notify the Insurance Authority about them. The identity of real beneficiaries should be checked as well as their legal status. Employees should be trained about how to practically comply with these laws.
Source: Al Bayan