Regulatory Alerts2021-09-08
Guidance for Licensed Financial Institutions on Transaction Monitoring and Sanctions Screening
The Central Bank of the United Arab Emirates issued this guidance to establish expectations for licensed financial institutions regarding transaction monitoring and sanctions screening compliance. The document mandates the implementation of risk-based frameworks, robust data management, and effective program governance to detect and report suspicious activities. Institutions are required to demonstrate adherence to these standards within one month of the guidance's issuance to fulfill their statutory obligations under UAE anti-money laundering laws.
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