Under article 4 of the AML-CFT Decision, the insurance operator is required to perform, document, and keep up to date an enterprise risk assessment for the purposes of identifying, assessing, and understanding its ML/FT risks for life insurance and other investment-related insurance products, including those arising in relation to its:

The insurance operator is expected to document the methodology and findings of the risk assessment, considering all relevant risk factors before determining the level of overall risk and the appropriate type and extent of mitigation to be applied. Insurance operators must keep their risks assessments up to date and ensure that identified risks are within the institution’s risk appetite and that identified deficiencies are appropriately tracked and remediated. Risk assessments should provide a consolidated assessment of the insurance operator’s ML/FT risks across all business units, product lines, and delivery channels, including those of branches, subsidiaries, parent entities, or other affiliates located outside the UAE.

ML/FT risk factors relevant to the insurance sector for life insurance and other investment-related insurance products can be found in section 2.2 above, and red flag indicators for the UAE insurance sector are provided in Annex 1. Please consult also the CBUAE’s AML/CFT Guidelines for Financial Institutions, section 4⁸ for further information.

⁸ Available at: https://www.centralbank.ae/en/cbuae-amlcft.