UAE Central Bank releases new anti-money laundering rules

2022-08-02 03:18:03

(MENAFN) The Central Bank of the UAE released new rules to support licensed financial institutions (LFIs) to battle money laundering as well as terrorism investing on dangers linked to payments.

The banking regulator stated in an announcement on Monday that LFIs, such as lenders, are obliged to develop domestic gridlines, controls as well as actions to tame dangers associated with money laundering and the financing of terrorism.

The regulator needs LFIs, within one month, to show agreement with its requests.

The Central Bank stated that the regulation is going to support LFIs in understanding dangers and the effective implementation of their statutory anti-money laundering and fighting the financing of terrorism (AML/CFT) obligations.

It also takes Economic Action Task Force standards in consideration.

Khaled Balama, ruler of the Central Bank of the UAE stated that “We are committed to implementing high regulatory control over LFIs and their payment operations, including products, services and exposure.”

Adding “The new guidance ensures that all LFIs in the UAE understand their AML/CFT responsibilities and have compliance programmes to mitigate payment-related risks."

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