PRESSR: المصرف المركزي يفرض عقوبة مالية بقيمة 1.2 مليون درهم على شركة تأمين عاملة في الدولة

PRESSR: Central Bank imposes a financial penalty of AED 1.2 million on an insurance company operating in the country

Abu Dhabi: The Central Bank of the United Arab Emirates has imposed a financial penalty on an insurance company operating in the country, in accordance with the provisions of Article No. (14) of Federal Decree-Law No. (20) of 2018 regarding combating money laundering crimes, combating the financing of terrorism and financing of illegal organizations.

The financial penalty, amounting to AED 1,200,000, comes as a result of periodic inspections conducted by the Central Bank, which revealed shortcomings in the company’s policies and procedures regarding combating money laundering and terrorist financing.

Through its regulatory and supervisory duties, the Central Bank of the UAE works to ensure that all insurance companies, their owners and employees comply with the laws in force in the country and the Central Bank’s regulations, with the aim of maintaining the transparency and integrity of the insurance sector and protecting the country’s financial system.

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