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3.3.1.7. Customer Rejection and Exit

يسري تنفيذه من تاريخ 31/10/2022

Insurance operators should not deal with any person on an anonymous basis or any person using a fictitious name. Prior to establishing an insurance relationship, if an insurance operator has any reasonable grounds to suspect that the assets or funds of a customer are the proceeds of crime or related to the financing of terrorism, the operator should reject the business relationship and, per Article 17 of the AML-CFT Decision, file a suspicious transaction report (“STR”) with the UAE Financial Intelligence Unit (“FIU”).

As per article 13 of the AML-CFT Decision, where an insurance operator is unable to undertake the CDD measures described above, or is a confirmed match to a party included on applicable sanctions lists, the insurance operator must:

 Not onboard the customer;
 
 Exit the relationship if one has been established;
 
 Not make any payment to a payee or beneficiary under the customer’s policy or other insurance relationship; and
 Maintain the related records (Please see Section 3.10 below).
 

In addition, it should add the customer, its beneficial owners, directors, and managers to internal watchlists. The operator should also determine whether the circumstances warrant the filing of a suspicious transaction report (“STR”) or SAR.