As the regulatory framework evolves and becomes more demanding, financial institutions around the world are finding it increasingly difficult to implement new legislation and create comprehensive compliance systems. Meanwhile, the UAE central bank has imposed stringent guidelines on risks related to payments for helping Licensed Financial Institutions (LFI) to prevent money laundering and terrorist funding.
The guidelines include that LFIs should regularly examine their access to all payment-related interactions, goods, services, and partnerships with both local and international players. To mitigate risks related to money laundering and financing terrorism, LFIs, which include lenders, are required to create internal policies, control mechanisms, and practises.
According to the CBUAE, LFIs are in charge of doing due diligence on clients, keeping an eye on all trades executed or carried out through LFIs, and alerting the UAE’s Financial Intelligence Unit to any shady dealings. Additionally, they have to have systems in place for sanctions compliance that filter transaction and provide pertinent data all the way through the payment cycle.
“We are committed to implementing high regulatory control over LFIs and their payment operations, including products, services and exposure,” – said Khaled Balama, governor of the Central Bank of the UAE.
Balama also added,”The new guidance ensures that all LFIs in the UAE understand their AML/CFT responsibilities and have compliance programmes to mitigate payment-related risks.”
According to reports, the amount of money laundered globally is expected to more than quadruple to $5.8 billion by 2027 from an anticipated $2.8 billion in 2022. The UAE has launched a number of initiatives to combat and stop money laundering in the nation and as a result banks and financial institutions that violated AML regulations were punished by the Central Bank.
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