- Home
- Middle East
- UAE
- UAE Central Bank issues new guidance on anti-money laundering and combatting financing of terrorism
UAE Central Bank Issues New Guidance On Anti-money Laundering And Combatting Financing Of Terrorism
Sumaira FH Published July 26, 2021 | 06:00 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 26th Jul, 2021) The Central Bank of the UAE (CBUAE) has issued a new Guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for its licensed financial institutions (LFIs) on the implementation of Targeted Financial Sanctions (TFS).
The guidance is supplementary to the guidance on TFS for financial institutions and designated non-financial business and professions, issued in May 2021 by the Executive Office of the Committee for Goods and Materials Subject to Import and Export Control. The Executive Office acts as a central authority to ensure the implementation of TFS in the UAE.
The guidance, which came into effect on 8th July, 2021, and requires LFIs to demonstrate compliance with its requirements within one month from said date, will assist the understanding and effective implementation by LFIs of their statutory AML/CFT obligations.
As stipulated by the Guidance, LFIs should develop, implement and regularly update an appropriate sanctions compliance programme encompassing a robust risk assessment, screening process and staff training programme. This should be applied across their institutions, including branches, subsidiaries, and other entities in which LFIs hold a majority interest.
LFIs must register on the Executive Office’s website in order to receive automated email notifications with updated and timely information on the listing and de-listing of individuals or entities in the United Nations Consolidated List and the Local Terrorist List.
They are required to regularly screen their databases and transactions against the Names that appear on the aforementioned lists and immediately when notified of any changes to these lists. When a match to a listing is found through the screening process, LFIs must, within 24 hours without delay and prior notice, freeze the funds of the listed individuals or entities. LFIs must immediately notify CBUAE, as well as the Executive Office, of any freezing measures and/or attempted transactions. For the modality of these notifications, LFIs should refer to CBUAE’s and the Executive Office’s websites for updates.
Khaled Mohamed Balama, Governor of CBUAE, said, "The threat of money laundering and terrorist financing on the UAE’s financial system is one that we aim to address through rigorous regulatory oversight and continuous clarification of LFIs’ obligations. This Guidance is one of many that we have and will continue to issue over the coming period as CBUAE looks to strengthen the understanding and implementation of its requirements amongst the financial community, in line with the Financial Action Task Force's standards."
The Guidance is available on the following link: https://www.centralbank.ae/en/cbuae-amlcft.
Related Topics
Recent Stories
Govt likely to hike electricity price once again
Bismah Maroof announces immediate retirement from international cricket
Malala expresses unwavering support for Gaza people
Selection committee dissolved over Pakistan women cricket team's poor performanc ..
Punjab CM Maryam Nawaz in police uniform at Chung police center
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago