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On 30 January 2024, the Central Bank of the UAE (CBUAE) imposed an AED 1.2 million (USD 327,000) financial penalty on an insurance company operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.
The fine was assessed based on the findings of a regular examination conducted by the CBUAE which revealed that the insurance company, unnamed in the announcement, had deficiencies in its AML/CFT policies and procedures.