The Central Bank of the UAE (CBUAE) has imposed a financial sanction and a fine of 1.2 million dirhams ($327,000) on an insurance company operating in the UAE, for failing to comply with its regulations related to anti-money laundering.

The insurance company had deficiencies in its Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations policies and procedures, the central bank said in a statement on Tuesday. The name of the company was not disclosed.

The UAE has passed strict laws to prevent money laundering and the financing of terrorism. The Financial Action Task Force (FATF), the global money laundering and terrorist financing watchdog, in 2022 included the UAE on a list of jurisdictions subject to increased monitoring, known as its "grey" list. Since then, the UAE has taken a number of steps to  enhance its regulatory regime and related enforcement actions.  

(Writing by Brinda Darasha; editing by Daniel Luiz)