Regulatory Alerts2021-06-07
Guidance for Licensed Financial Institutions Providing Services to Legal Persons and Arrangements
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 legal persons and arrangements. The document details the specific risks these entities pose, such as the obscuring of beneficial ownership and source of funds, while outlining mitigation strategies including robust customer due diligence and enhanced monitoring. It establishes regulatory expectations for identifying beneficial owners, assessing institutional risks, and implementing targeted financial sanctions to protect the integrity of the UAE financial system.
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