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The Central Bank of the UAE provides guidelines for financial institutions on money laundering and the fight against terrorist financing

Abu Dhabi: The UAE Central Bank (CBUAE) has issued two new guidelines on the control of money laundering and the fight against terrorist financing (AML / CFT) for its licensed financial institutions (LFIs) on suspicious transaction reporting and legal entities / arrangements . The guidelines will help the understanding and mitigation of risks, as well as the effective execution of their statutory obligations for AML / CFT. The new guidelines build on Federal law no. (20) of 2018 on AML / CFT and the Cabinet resolution no. (10) of 2019 and takes into account the standards and guidance issued by the Financial Action Task Force. LFIs should report behaviors that they reasonably suspect may be related to money laundering, terrorist financing or a criminal offense by submitting suspicious activity reports directly to the UAE’s financial intelligence unit using the goAML portal. They must submit suspicious activity reports within a maximum of 35 days of detection. LFIs that provide services to legal entities / arrangements should assess the relevant risks for money laundering and terrorist financing and develop an effective AML / CFT program. This may include companies, foundations, associations, trusts or other similar arrangements.

EMIRATI TODAY - Emirati News, the UAE Daily News

“The UAE continues its journey to combat money laundering and the financing of terrorism and illegal organizations. In line with the CBUAE’s mandate of oversight and oversight to ensure compliance with the provisions of AML / CFT legislation, the issuance of these guidelines is aimed at strengthening our efforts to improve the LFIs in the implementation of crime prevention measures. , ”Said Khaled Mohamed Balama. , Governor of the Central Bank of the UAE. In collaboration with the Financial Intelligence Unit, the CBUAE conducts outreach and awareness-raising efforts on the reporting of suspicious transactions for supervised sectors.