CMA Warns Four Companies for Violating Article 52 of AML/CFT Law

The Capital Market Authority has issued four decisions warning Iran Insurance Company, Aman Insurance Services Company, Trade Links Insurance Services and Middle East Insurance Services for violating Article 52 of the Anti-Money Laundering and Combating Financing Terrorism Law for failure to submit risk assessment form and institutional controls form. Article 52  allows the regulator to issue a written warning  or order to comply with certain instructions or impose a fine not less than RO 10,000 and not more than RO 100,000.

Submitting risk assessment form and institutional controls form are key requirement that must be submitted to the CMA by insurance and Takaful companies, brokers and agents pursuant to the Instructions on the Implementation of the Provisions of the AML/CFT Law issued vide Decision No. 81/2021.

The risk and institutional controls assessment show the compliance of the company with the processes and policies related to combating money laundering and terrorism financing to measure the risk for each company during the inspection plan as per the resulting risk ratio to identify the type of inspection the CMA would conduct to ensure compliance with AML/CFT laws and regulations