The Central Bank of the UAE (CBUAE) has issued two new AML/CFT Guidance documents related to suspicious transaction reporting and legal persons and arrangements for its licensed financial institutions (LFIs). The purpose of these documents is to help LFIs understand and mitigate ML/TF risks and to improve their compliance with AML/CFT obligations.
The CBUAE’s new guidance documents incorporate the FATF’s standards and guidance. As such, the CBUAE requires that LFIs report any suspicious behavior that points to ML/TF or other crimes. The authority has advised that LFIs file these suspicious activity reports directly with the UAE’s Financial Intelligence Unit (FIU). They must do so on the ‘goAML’ portal within 35 days of identification of suspicious activity.
The CBUAE has further advised LFIs serving legal persons/arrangements to evaluate their ML/TF risks and create a strong AML/CFT program. Such LFIs could be companies, associations, trusts, foundations or the like.
Source: Central Bank of the UAE