Auditing AML Framework for an Insurance Broker in UAE

An Insurance Broker, operating in Dubai for over twenty years is a client of Callidus. They form part of one of the largest and oldest insurance broking group in the GCC. The group has presence in Eastern Europe, Gulf countries & Asian sub-continent.

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

Callidus was engaged to audit the existing AML systems and controls of the Firm.

As a part of the Audit, Callidus looked into the firm’s Internal Control and Risk Management System, Customer Due Diligence Practices, Transaction Monitoring, AML Risk Assessment, Reporting Requirements, Sanctions Compliance and Governance Structure.

In its Audit report Callidus identified the shortfalls in the AML Compliance framework of the firm and advised on measures to be taken to mitigate the issues identified. Callidus also trained the firm’s Compliance team to set up a bespoke AML compliance framework for the firm.