Regulatory Alerts2021-06-07
Guidance for Licensed Financial Institutions on Suspicious Transaction Reporting
The Central Bank of the United Arab Emirates issued this guidance to define statutory obligations for licensed financial institutions regarding the detection and reporting of suspicious transactions and activity. The document mandates the implementation of robust three-line-of-defense frameworks, clear roles for compliance officers, and specific procedures for filing Suspicious Transaction Reports and Suspicious Activity Reports with the Financial Intelligence Unit. It further outlines strict timelines for alert reviews, confidentiality requirements to prevent tipping off, and significant legal penalties for failure to disclose suspicious activity.
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