The Central Bank of the United Arab Emirates has issued new guidelines to help financial institutions fight money laundering and terrorist financing.
It states that Licensed Financial Institutions (LFIs), including lenders, are required to develop internal policies, controls and procedures to manage risks related to money laundering and terrorist financing.
LFIs will also need to set up indicators to identify suspicious transactions and activity and submit reports to the UAE’s Financial Intelligence Unit, the banking regulator said in a statement on Monday.
“As we continue to improve the effectiveness of AML / CFT measures to protect the UAE’s financial system, we expect licensed financial institutions to also perform their duties,” said Khaled Balama, Governor of the CBUAE.
“This guide serves as an important reference point for licensed financial institutions to ensure their compliance with AML / CFT requirements.”
LFIs have also been asked to regularly compare their databases and transactions with names on lists issued by the UN Security Council and its relevant committees or the UAE cabinet before entering into a transaction or business relationship with a customer, regardless of whether whether it is an individual or a customer company.
The latest guidelines came into force on Monday, according to the regulator. LFIs were given one month to meet the requirements.
The UAE has announced various measures to combat and prevent money laundering in recent months.
Dubai set up a specialized court in August that will focus on combating money laundering and other financial crimes to strengthen the integrity of its financial system.
Last month, the Dubai Misdemeanor Court convicted eight individuals and three companies of approximately Dh14 million ($ 3.81 million) of cyber fraud and the laundering of stolen funds.
The UAE has also joined other countries to crack down on money laundering.
In August, the UAE’s Financial Intelligence Unit teamed up with the China Anti-Money Laundering Monitoring and Analysis Center to share information and help fight global money laundering and terrorist financing.
The Ministry of Economic Affairs also urged real estate agents, gold dealers, auditors and corporate service providers to register with the appropriate money laundering system in order to avoid revoking licenses earlier this year.
Updated: September 13, 2021, 3:22 p.m.
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Director: Jordan Peele
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Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
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Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
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Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
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Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
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Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
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Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
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Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
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Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
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Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
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Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
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Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
Exit
Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
Exit
Director: Jordan Peele
Actors: Daniel Kaluuya, Allison Williams, Catherine Keener, Bradley Whitford
Four stars
