Regulatory Alerts2023-07-13
Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations Guidelines for Financial Institutions
The Central Bank of the United Arab Emirates issued these July 2023 guidelines to establish minimum expectations for financial institutions regarding the identification, assessment, and mitigation of money laundering and terrorism financing risks. The document mandates the implementation of a risk-based approach for customer due diligence, including enhanced measures for high-risk entities, while requiring robust internal governance, staff training, and suspicious transaction reporting procedures. It further outlines strict obligations for record keeping and adherence to international financial sanctions to ensure compliance with UAE federal AML/CFT laws.
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