Each company was subject to a fine of Dhs500,000, in addition to confiscating the funds of both companies, amounting to Dhs39 million, from seized bank accounts, and both companies were closed down.
Abbas, under the name "Ray Hushpuppi," had more than 2 million Instagram followers before he was arrested in 2020 in Dubai. His social media posts showed him living a life of luxury, complete with private jets, ultra-expensive cars and high-end clothes and watches.
The inspections fined six DNFBP companies for their failure to adhere to the internal policies and controls established to combat crime; engaging in suspicious business relationships.
The guidance discusses the ML/TF relevant to life insurance and other investment-related insurance products, and how insurance operators can apply preventive measures to identify, assess, manage, and mitigate them.
The Central Bank of the UAE (CBUAE) has issued a new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for the Licensed Financial Institutions (LFIs)
The guidance, which comes into effect immediately, will assist LFIs’ understanding of risks and effective implementation of their statutory AML/CFT obligations, and takes Financial Action Task Force (FATF) standards into account.