Regulatory Alerts2022-08-01
Guidance for Licensed Financial Institutions on the Risks Relating to Payments
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 regarding payment sector activities. The document details the specific money laundering and terrorist financing risks associated with new payment products and services, including peer-to-peer transfers, cross-border movements, and correspondent banking relationships. It mandates that institutions implement robust risk assessments, enhanced due diligence, transaction monitoring, and governance measures to mitigate these vulnerabilities and ensure regulatory compliance.
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