Regulatory Alerts2025-11-07
Guidance for Licensed Financial Institutions on Customer Due Diligence/Know Your Customer and Record-Keeping
The Central Bank of the United Arab Emirates issued this guidance to establish expectations for licensed financial institutions regarding anti-money laundering and combating the financing of terrorism compliance. The document mandates robust customer due diligence and know your customer procedures, including identity verification, beneficial ownership identification, risk profiling, and ongoing monitoring. It further requires institutions to maintain secure, accessible records sufficient to reconstruct transactions and support regulatory or law enforcement inquiries.
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