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The integrity of the UAE insurance market and preventing the entry of criminal groups represent a public interest for all the insured and beneficiaries of insurance policies. Therefore, the Authority undertakes the responsibility for the issuance of legal frameworks of anti- money laundering and combating the financing of terrorism in insurance activities.
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Federal Law No. (20) of 2018 sets the foundation of the AML-CTF rules within the UAE . More elaboration on such rules were introduced in Cabinet Resolution No. (10) of 2019 Concerning Executive Regulations of Fed. Law (20) of 2019. In terms of insurance the Board of Directors’ Decision No. (13) of 2015 concerning AML-CTF outlines the obligations imposed on the insurance companies and related professions and the procedures to be followed, when opening customers' accounts, related to combating the financing of terrorism in insurance activities . In addition to the issuance of an administrative decision ,including the bases to be followed in classifying Company’s customers according to their risk level.
The most important links concerning Anti-Money Laundering and Combating the Financing of Terrorism are available here.