CBUAE publishes guidelines for its authorized financial institutions on combating money laundering and terrorist financing


Abu Dhabi:The Central Bank of the United Arab Emirates (CBUAE) has issued two new anti-money laundering guidelines and fight against the financing of terrorism (LAM /CFT) for its Authorized Financial Institutions (IFLs) for reporting suspicious transactions and persons / legal arrangements.

The Guidelines will help to understand and mitigate risks as well as the effective execution by LFIs of their statutory obligations in the area of ​​AML / CFT. They are based on Federal Decree-Law No. (20) of 2018 on AML / CFT and Cabinet Decision No. (10) of 2019 and take into account the standards and guidelines published by the Financial Action Task Force.

BIAs should report any behavior they reasonably suspect to be related to money laundering, terrorist financing or a criminal offense by submitting reports of suspicious activity directly to the UAE Financial Intelligence Unit using the “goAML” portal. They must file suspicious activity reports within a maximum of 35 days of detection. DFIs providing services to legal persons / arrangements should assess the relevant risks of money laundering and terrorist financing and develop an effective AML / CFT program. These can be companies, foundations, associations, trusts or other similar arrangements.

His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates, said: “The United Arab Emirates continues its journey in the fight against money laundering and the financing of terrorism and illegal organizations. In accordance with the supervision and control mandate of the CBUAE to ensure compliance with the provisions of AML / CFT legislation, the publication of these guidelines aims to strengthen our efforts to improve the effectiveness of BIA in the implementation of measures of fight against crime.

Jointly with the Financial Intelligence Unit, the CBUAE carries out awareness-raising and awareness-raising actions on the reporting of suspicious transactions for the sectors under surveillance.

All orientation and awareness documents are available at https://www.centralbank.ae/en/cbuae-amlcft.

© Press release 2021


Previous We think Century Textiles and Industries (NSE: CENTURYTEX) has a good deal of debt
Next El Salvador has just adopted Bitcoin as legal tender. Here's why other countries can follow suit