Regulatory Alerts2021-09-27
Guidance for Licensed Financial Institutions Providing Services to Cash-Intensive Businesses
The United Arab Emirates Central Bank issued this guidance to assist licensed financial institutions in fulfilling their statutory anti-money laundering and counter-terrorist financing obligations. The document details the specific vulnerabilities associated with cash, bearer negotiable instruments, and prepaid cards, while identifying high-risk sectors such as retail, travel, and real estate. It mandates that institutions implement a risk-based approach, including enhanced due diligence, ongoing monitoring, and suspicious transaction reporting to mitigate the risks of illicit actors using cash-intensive businesses for financial crimes.
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