Regulatory Alerts2019-07-13
Central Bank of the UAE Decision No. 59/4/2019 on Anti-Money Laundering and Combating the Financing of Terrorism and Illicit Organizations
The Central Bank of the UAE issued Decision No. 59/4/2019 to establish comprehensive procedures for combating money laundering, terrorist financing, and illicit organizations. The regulation mandates that all licensed financial institutions comply with federal laws and central bank directives, subjecting them to periodic or surprise supervisory examinations. It further empowers the Central Bank to impose administrative sanctions for violations, outlines appeal procedures, and officially cancels the previous Circular No. 24/2000.
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