Regulatory Alerts2021-06-16
Guidance for Licensed Financial Institutions Providing Services to the Real Estate and the Precious Metals and Stones Sectors
The United Arab Emirates Central Bank issued this guidance to assist licensed financial institutions in fulfilling their statutory anti-money laundering and combating the financing of terrorism obligations when serving the real estate and precious metals and stones sectors. The document details the specific risks, typologies, and red flags associated with these sectors, emphasizing their attractiveness to illicit finance due to high value density and cross-border mobility. It mandates that institutions adopt a risk-based approach, implementing robust customer due diligence and enhanced monitoring measures to mitigate exposure to money laundering and sanctions evasion.
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