AML Insurance-Deadline is Nearer for Submitting MLRO’s Report for Insurance Companies

AML/CFT Compliance Services UAE

The Deadline is Nearer for Submitting MLRO’s Report for Insurance Companies, Agents & Brokers

All insurance companies, insurance brokers, and Insurance agents must submit the annual MLRO/ Compliance Officer’s Report to CBUAE for the year 2020 by the mid of May 2021, Concerning Clause (3) of Article (21) of Cabinet Resolution No. (10) Of 2019 regarding the executive regulations for Federal Decree-law No. (20) of 2018 ON AML and CFT.

What are the informations to be included in the MLRO report?

The report has to be prepared by highlighting the serious compliance deficiencies along with remedial action.

  1. Review the quality and number of Suspicious Activity Reports (SARs) submitted by the employees and if there is none consider lack of training given to them. Number of external SARs submitted to the competent authority 
  2. The number of new clients declined because of lack of proper information;
  3. Details of AML staff training during the year - number of courses, confirming of new and existing staff trained, issues identified. Also, provide the evidence such training happened by providing certificates and assessment results. Check employee's understanding of ML roles and responsibilities.
  4. Report if any extra resources required for effective compliance.
  5. Report about the sample check on Customer Due Diligence File (CDD File) to ensure all information is relevant and up to date.
  6. Sample check of clients to ensure risk ratings are appropriate and also check risk assessment is relevant and up to date.
  7. Check Anti- Money Laundering Policies and Procedures and risk assessment are relevant and up-to-date 

MLRO report should be submitted to the Central Bank of UAE.

The Money Laundering Reporting Officer has to check the controls also:

  1. AML/CFT Control Environment:
  2. Oversight by Senior Management and Board of Directors;
  3. Business Wide Risk Assessment;
  4. CDD/KYC and Customer Risk Assessment and also the Enhanced Customer Due Diligence.
  5. Ongoing Monitoring and Reporting Process & STR Reporting
  6. Record Keeping;
The MLRO report should contain:
  1. Conformity of the procedures applied and not the procedures adopted by the company as per the Law 20 of 2018 and Cabinet Resolution No. 10 of 2019;
  2. Confirmation required that the company has applied the results of the national risk assessment generalized by the CBUAE;
  3. Finally, the report should include the improvement measures for improving the quality of applied procedures for achieving full compliance, deadline for completing the implementation, and evaluate whether the company is seriously implementing these measures.

For your better understanding, find the video format of AML Insurance MLRO’s Report submission requirements and deadline details.

Anti-Money Laundering in the UAE​

Contact our expert
Mr. Ragesh Mattummal - Partner
+971 50 357 8031
rag@emiratesca.com

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