UAE Central Bank issues guidelines for financial institutions on combating money laundering and terrorist financing

Abu Dhabi: The Central Bank of the United Arab Emirates (CBUAE) has released two new Anti-Money Laundering and Terrorist Financing (AML / CFT) guidelines for its Authorized Financial Institutions (IFLs) on transaction reporting suspects and persons / legal arrangements.

The guidance will help to understand and mitigate risks as well as the effective execution by LFIs of their statutory AML / CFT obligations. The new guidelines are based on Federal Decree-Law No. (20) of 2018 on AML / CFT and Cabinet Decision No. (10) of 2019 and take into account the standards and guidelines published by the Action Group financial.

BIAs should report any behavior they reasonably suspect to be related to money laundering, terrorist financing or a criminal offense by submitting reports of suspicious activity directly to the UAE Financial Intelligence Unit using the “goAML” portal. They must file suspicious activity reports within a maximum period of 35 days of detection. BIAs providing services to legal persons / arrangements should assess the risks of money laundering and terrorist financing and develop an effective AML / CFT program. These can be companies, foundations, associations, trusts or other similar arrangements.

“The United Arab Emirates continues its journey in the fight against money laundering and the financing of terrorism and illegal organizations. In accordance with the supervision and control mandate of the CBUAE aimed at ensuring compliance with the provisions of AML / CFT legislation, the publication of these guidelines aims to strengthen our efforts to improve the effectiveness of BIAs in the implementation of control measures. fight against crime, ”said Khaled Mohamed Balama. , Governor of the Central Bank of the United Arab Emirates.

Jointly with the Financial Intelligence Unit, the CBUAE carries out awareness-raising and awareness-raising actions on the reporting of suspicious transactions for the sectors under surveillance.

Source link

Comments are closed.