UAE Central Bank issues new guidelines on anti-money laundering - Hallmark Auditors
The Central Bank of the UAE (CBUAE) has issued a brand new anti-cash laundering (AML) manual and combatting the financing of terrorism (AML/CFT) for certified economic establishments (LFIs) on dangers associated with politically uncovered persons (PEPs), the regulator introduced on 2 August 2022.
The steering calls for Licensed Financial Institutions to illustrate compliance with its necessities inside one month.
The Central Bank has additionally requested economic establishments to now no longer procedure any bills for a correspondent except they're completely assured that the correspondent conducts suitable screening.
They also are required to behavior ongoing tracking of the commercial enterprise relationships. LFIs need to additionally keep transaction tracking structures geared up to discover styles of uncommon or suspicious hobby and record any conduct connected to cash laundering, financing of terrorism, or a crime to the UAE`s Financial Intelligence Unit the usage of the “goAML” portal.
The steering makes a speciality of the cash laundering and the financing of terrorism dangers regarding bills and preventive measures that certified economic establishments (LFIs) need to practice with the intention to mitigate dangers.
“As new fee services and products would possibly convey dangers to the economic gadget due to the speedy motion of finances among fee individuals and throughout borders, and LFIs is probably uncovered to individuals certified via way of means of the CBUAE and people running globally, LFIs need to take a hazard-primarily based totally technique to mitigate and control cash laundering and the financing of terrorism dangers,” the Central Bank said.
According to the guidelines, LFIs need to behavior a ordinary hazard evaluation to cowl all of the fee products, services, relationships, and publicity to home and overseas fee area individuals.
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