Financial institutions

New CBUAE Guidelines for Licensed Financial Institutions – Money Laundering and More Latest News Here


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Over the past two years, the Central Bank of the United Arab Emirates
(“CBUAE“) is actively working on
issue updated circulars to address growing concerns and
challenges related to money laundering, terrorist financing and
punishments. This is part of the comprehensive approach that CBUAE is
adopt as part of their ongoing efforts to protect the integrity
of the financial system and reconfirm their commitment to comply
with the Financial Action Task Force
(“FATF“) recommendations.

The CBUAE regularly publishes regulations and standards for the
banking sector which encompasses many key areas including
anti-money laundering and transaction monitoring. At the time of
in writing, the most recently published guidelines were published on 02
August 2022 for licensed financial institutions
(“ILF“) on payment risks.

The following article examines the most remarkable points of
the new direction.

The aim of the new guidelines is to help DFIs deal with
risks of money laundering, terrorist financing and sanctions,
understand the associated risks and implement the necessary measures
and preventive measures to mitigate these risks. The FATF must also
standards into account.

Due to the rapid movement of funds between payment participants
and across borders, DFIs should adopt a risk-based approach to
mitigate and manage money laundering and terrorist financing
risks. DFIs are required to perform due diligence on clients and
regular risk assessments to cover all transactions, flagging
suspicious transaction at the UAE Financial Intelligence Unit
via the “goAML” portal.

In correspondent relationships, financial institutions should
does not process any payment for a correspondent unless it is
fully confident that the correspondent is proceeding appropriately
screening.

The new guidelines will ensure that all LFIs in the UAE include
their fight against money laundering (“AML“)
responsibilities and have a sanctions compliance program that
filter transactions and help mitigate
risks.

The United Arab Emirates reiterated its strong commitment and pursuit
efforts that have been made to strengthen its regulation
framework relating to AML and the fight against the financing of
terrorism (“CFT“), taking effect
actions to address several areas of improvement through the
establishment of a high regulatory control system and dissemination
sensitization.

The guidelines also provide DFIs with a one-month deadline to
comply with the new requirements.

This guidance is one of many regulations and policies issued
by the CBUAE, which seeks to meet the challenge of money
money laundering and terrorist financing as a strategic priority and
emphasize the importance of DFIs understanding their AML
responsibilities and comply with its requirements.

The content of this article is intended to provide an overview
guide on the subject. You should seek the advice of a specialist
on your particular situation.

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