The UAE’s Central Bank has issued guidance on anti-money laundering and terrorist financing for its Licensed Financial Institutions who provide services to the real estate, precious metals and stones sectors. It came into force on 20 June.
They should take the standards issued by the Financial Action Task Force into account as well.
Under the guidance, Licensed Financial Institutions have to perform appropriate customer due diligence in all customer dealings and report any behaviour they reasonably suspect may be linked to money laundering, terrorist financing or a criminal offence by submitting suspicious activity reports to the UAE’s Financial Intelligence Unit directly. They should do so through the goAM portal.
They should assess the associated money laundering and terrorist financing risks and develop an effective programme which encompasses a competent compliance officer and provide training for their employees on these risks.
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