UAE Central Bank releases new rules to stop money laundering
Date
1/16/2023 8:44:45 AM
(MENAFN) The UAE Central bank has released new rules for licensed economic organizations, as well as banks, finance businesses, exchange houses and insurance firms, agents and brokers, to stop money laundering and the financing of terrorism.
The new rules stress on the use of digital identification systems by licensed economic organizations, or LFIs, to speak about customer due diligence duties.
The guidance exactly discusses identity proofing, enrolment and authentication mechanisms in relation to LFIs’ use of digital ID systems, the financial regulator said in a statement on Wednesday.
“The Central Bank is working closely with the licensed financial institutions to ensure their full compliance and understanding of the guidance that we issue regularly,” on the words of Khaled Balama, governor of the UAE Central Bank.
“This guidance on the use of digital ID for customer due diligence obligations will enhance the anti-money laundering and combating the financing of terrorism framework and will mitigate the potential risks in order to safeguard the UAE’s financial system.”
MENAFN16012023000045012476ID1105434243
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.