An insurance operator should screen the following parties against relevant ML/FT information sources (such as negative media databases) and internal watchlists (such as lists of customers previously exited for financial crime reasons) prior to a customer's onboarding:

With respect to sanctions lists, the parties listed above must be screened prior to a customer's onboarding and on an ongoing basis thereafter (please see section 3.5 below). In addition, at the time of payout, an insurer must screen against sanctions lists and should screen against the same other lists and information sources all beneficiaries or other payees and their beneficial owners (where applicable).

The results of screening and assessment by the insurance operator should be documented. Please consult the CBUAE’s Guidance for Licensed Financial Institutions on Transaction Monitoring and Sanctions Screening¹⁰ for further information.

¹⁰ Available at: https://www.centralbank.ae/en/cbuae-amlcft.