Regulatory Alerts2019-01-01
Decision No. 121 of 2019 of the General Authority for Financial Supervision on the Registration of AML/CFT Officers in Non-Banking Financial Activities Entities
The General Authority for Financial Supervision (FRA) issued Decision No. 121 of 2019 to establish a mandatory registration register for Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) officers and their deputies operating within non-banking financial activities entities. The regulation imposes strict eligibility requirements, including senior management status, at least three years of relevant internal control or audit experience, a clean disciplinary record, and successful completion of an Authority-conducted interview. Registration carries a three-year validity subject to renewal, mandates immediate notification of any officer absence or departure, and grants a two-month transitional period for officers previously licensed under Capital Market Authority Decision No. 24 of 2007 to transfer their registration.