UAE Banks Asked to Strengthen their AML/CFT Measures

  • Richard Marley
  • January 29, 2021
  • 2 minutes read
  • 901

UAE financial institutions and the banks are required to prioritize eliminating money laundering and terrorism financing. The compliance officers from all the banks in the UAE attended a meeting with the Central Bank regarding the issue of money laundering and terror financing.

The Central Bank of the UAE held its first forum for Compliance Officers to discuss banking compliance and risk management.

Governor of the Central Bank, Abdulhamid M. Saeed Alahmadi, chaired the meeting. Over hundreds of chief compliance officers attended the meeting. Abdul Aziz Al Ghurair, Chairman of UAE Banks Federation (UBF) was also present at the meeting. 

The forum emphasised the significance of compliance and the ensuring of the management risks. The discussion highlighted that banks must assess the scope of their compliance function and properly carry out risk management procedures. 

Al Ahmadi said: “The UAE is strongly committed to applying FATF standards to ensure that its financial system is safe and sound. We urge financial institutions to retain their focus on combatting money laundering and financing of terrorism. We see Chief Compliance Officers as our partners in this journey. We expect that these regular forums organised by the Central Bank will provide a solid platform for regulatory dialogue with the industry.”

The Central Bank disclosed an agenda regarding the Anti-Money Laundering regulations. The agenda focuses on following the guidelines given by the Financial Action Task Force (FTAF). The event was held in the support of the country’s regime to eradicate financial crimes. 

The participants of the forum were also encouraged to take part in the national initiative for using a digital form of performing KYC (Know Your Customer) procedure to assure uniform and efficient regulatory compliance.