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Insurance Authority Launches Training Initiative for Financial Crime Prevention

: 5/13/2019

​In cooperation with the International Compliance Association, the Insurance Authority has launched an initiative to train the insurance sector employees and provide them with the necessary expertise in "Financial Crime Prevention".


This initiative comes within the Insurance Authority's efforts and endeavors to elevate the level of expertise of the sector professionals, by acquiring knowledge and skills in the field of financial crime prevention and encountering the risks of money laundering and financing of terrorism. As well as, developing their knowledge and experience with international requirements and guidance and to identify the best experiences and efforts in financial crime prevention.


H.E. Ebrahim Obaid Al Zaabi, Director General of the Insurance Authority, said that this training initiative comes within the framework of the Authority's keenness to develop the insurance sector and the related sectors. It aims at raising the technical and professional level of human resources working in the domestic market. In addition to promoting the importance of education, training and qualification in accelerating the transition to the knowledge-based economy and developing the role of human resources in advancing the process of economic and social development to reflect positively on the national economy growth.


Al Zaabi added that the initiative aims to create a generation that has the best skills and experience in financial crime prevention. Moreover, Assisting the sector professionals in recognizing the responsibilities related to financial crime and the interrelated nature of the risks associated with them, enhancing the soundness of the UAE insurance market, preventing the entry of criminal groups, identifying and responding to various risks associated with money laundering and terrorist financing, and understanding best practices in this field. In addition to supporting the Emiratisation of professional jobs and supporting the development of the UAE insurance sector.


Individuals participating in the "Financial Crime Prevention" training program will receive a Certificate in "Financial Crime Risks" from the International Compliance Association. The program will be delivered via an online platform "Distance Learning", targeting all professionals of the insurance industry, particularly senior, AML and Compliance Officers. Moreover, the Authority will launch, in June 2019, a specialized face to face training for AML Officers and Compliance Officers of insurance companies, brokers and agents.



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