Policy Center
Financial Crimes & Sanctions Compliance Framework
Being a financial institution regulated and supervised by The Central Bank of UAE, Emirates Insurance Company (‘EIC’) adheres to the requirements and obligations set out by the UAE Federal Government, Central Bank of UAE, Executive Office for Control & Non-Proliferation laws, regulations and guidelines.
A Board Level Risk Committee has been tasked by EIC’s Board of Directors to oversee implementation of the AML Policy.
EIC’s AML Policy serves as an operational guidance to the management and staff with regard to compliance with statutory, regulatory and other relevant requirements in combating financial crime. Compliance with the contents of this Policy is mandatory to all employees to prevent misuse of the Company’s products and services for money laundering purposes.
EIC adopts a risk-based approach in combating financial crime as per the framework provided AML Policy. An assessment of the AML/CFT risks is carried out on a regular basis and the Company adopts appropriate mitigating measures to eliminate/minimize the risk, prior to and during the establishment of a business relationship and, on an ongoing basis, throughout the course of the relationship with the customer. Following factors are considered while assessing ML/TF/PF risks:
- Customer Risk
- Product Risk
- Service and transaction risk
- Distribution Channel and Intermediary Risk
- Geographic Risk
Guiding Principles of ECI’s AML Policy
01
Responsibilities
Responsibilities
02
Risk Based Approach
Risk Based Approach
03
Know your Customer & Customer Due Diligence
Know your Customer & Customer Due Diligence
04
Effective Reporting
Effective Reporting
05
Effective Screening and Training
Effective Screening and Training
06
Evidence of Compliance
Evidence of Compliance
A Whistleblower report is one that meets all the following criteria:
- It is made in good faith; (a report is made in good faith only if the individual who made it believes on reasonable grounds that it is true)
- It is about the Company or an Employee of the Company
- It gives information that the Whistleblower believes or shows that any of the malpractices as listed above have happened, are happening, or are likely to happen.
Concerns can be filled using the electronic web-based form available below or via telephone numbers specified.
A whistleblower can specify whether they wish their identity to be kept discreet, however, the outcome of the investigation of anonymous disclosure may not always be effective. Proper investigation may prove impossible if the investigator cannot obtain further information from the anonymous Whistleblower or ascertain whether the disclosure was made in good faith. Updates will be provided in line with the approved policy.
The disclosure made under the Whistleblower policy will be treated as highly confidential and sensitive.
As per the provisions of the policy, no member of staff who raised genuinely held concerns in good faith under this policy would be censured or compromised in any way or subjected to any detriment because of such action.
Whistle Blower Policy
Emirates Insurance Company (“Company” or “EIC”) seeks to conduct its business with integrity and expects all Employees to maintain high standards of business conduct and to report any wrongdoing that falls short of these fundamental principles.
The Company has an approved Whistleblowing policy which applies to all EIC Board Members, Employees and other stakeholders. All Board members, Employees and other stakeholders have the responsibility to report real or perceived violations or malpractices. For a copy of the Whistleblower Policy please contact our Compliance Department.