Setting up Compliance & AML Framework and onboarding clients for an Insurance Company in UAE

A client of Callidus is one among the first local Insurance companies in Dubai, which offers a varied portfolio of products including Property, Professional Indemnity, Marine, Group Life and Medical and many other specialty lines including Credit and Surety.

In 2018 their annual premium was close to AED 500 million.

Their Compliance & AML Framework was not in line with the revised Federal AML Law of UAE.

Callidus was engaged to set up a bespoke AML Compliance Framework for the firm to avoid potential breaches and subsequent penalties by the regulators.

Callidus, further to closely liaising with the senior management of the firm, scrutinized their business plan and gauged the AML Risks of the firm in light of the Federal AML legislation and international best practices. Thereafter Callidus developed an AML framework for the firm. Callidus also carried out training for all staff to create awareness on their AML obligations and also to ensure flawless implementation of their AML policy.

Callidus also re-onboarded thousands of their existing clients in line with their new KYC obligations within a short span of four weeks.