Anti-Money Laundering – AML/CFT
PLATINUM INSURANCE BROKER LLC, constantly strives itself to meet with the Central Bank of United Arab Emirates – Anti Money Laundering Regulations & Conventions to the fullest extent.
The Company’s key AML/CFT Policy Objectives are:
- To prevent the Company’s services from being used as a channel for Money Laundering / Terrorism Funding.
- To establish a framework for adopting appropriate AML procedures and controls in the operations/business processes of the Company.
- To ensure compliance with the CBUAE AML laws and regulations in force from time to time.
- To assist law enforcement agencies in their effort to investigate and track money launderers.
- To lay down AML compliance norms for the employees of the Company.
- To protect the Company’s reputation and to fulfil its social responsibility.
Know Your Customer (KYC) and AML avoidance measures
To ensure that our customers adhere to the AML guidelines, we undertake necessary checks as prescribed below,
- Identifying the customer and obtaining identification information from them. This information includes full name, unique identification number, existing residential address, contact telephone number, date of birth and nationality.
- Different particulars are required from non-personal customers such as companies.
- Verifying the identity of customers using reliable, independent sources, and keeping a copy of all reference documents used to verify their identity.
- Identifying and verifying the identity of payees before making certain types of payment such as surrendering a life insurance policy or refunding a premium.
- Avoiding cash payment for large transactions
- Obtaining from the customer, when establishing business relations, information as to the purpose and intended nature of business relations.
- Ongoing monitoring of business relations with customers.
- Conducting scrutiny of transactions undertaken to ensure that transactions are consistent with the life insurer’s knowledge of the customer.
- Paying attention to all unusual transactions.
- Periodically reviewing customer identification information to ensure the information is kept up-to-date.
- Having procedures to address risks associated with non-face-to-face relationships or transactions.
- Performing enhanced customer due diligence (CDD) on high-risk customers such as Politically Exposed Persons.
- Reporting any Suspicious Activity / Transaction to the concerned authorities