close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

UAE to beef up ‘patchy’ money laundering measures

UAE to beef up 'patchy' money laundering measures
Banks required to carry extra due diligence of dealers in precious stones, real estate and luxury goods, as UAE aims to match international money laundering regulations.

0

June 23, 2008 3:43 by



Eight years after its first stab at anti-money laundering controls, and seven years after the September 11 attacks showed terrorists were using the country, especially Dubai, as a financial hub, the UAE is to bring in tough new money laundering regulations.

The Financial Times says the new measures, to be announced later this week, will require banks to carry out more due diligence on prospective customers, forcing local and regional institutions to apply the same rigor as the international banks already operating in the country.

It says the UAE, post-September 11, moved quickly to beef up its regulations, but patchy implementation and the booming economy have left it exposed.

Under the new measures banks will have to carry out extra due diligence on dealers in precious stones, real estate and luxury goods. The threshold at which banks are forced to verify the name and address of remitters will be brought down from Dh40,000 ($11,000) to Dh3,500.

They also require banks to engage in enhanced due diligence to determine whether “foreign politically exposed persons” are trying to open an account in the UAE, as well as officially banning all financial relationships with “shell banks or companies”.



0

Leave a Comment