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SCA imposes CBUAE e-connection on brokerage firms

SCA imposes CBUAE e-connection on brokerage firms
Photo Credit: Arabianeye-Reuters

 

UAE – Mubasher: The Securities and Commodities Authority (SCA) has forced UAE-based securities and commodities brokerage companies “to work on activating electronic connection with the Anti-Money Laundering and Suspicious Cases Unit of the Central Bank of the UAE (CBUAE),” according to a statement released Sunday.

This move aims to take advantage of the technical system of the Anti-Money Laundering and Suspicious Cases Unit, characterised by the highest levels of security, secrecy and instant electronic reporting of any transactions or cases that may constitute money laundering crimes or terrorism financing in the UAE, SCA revealed.  

Maryam Al Suwaidi, deputy CEO for licensing, supervision, and enforcement, noted that this procedure constitutes the first phase of the regulator’s plan to connect all SCA-licensed companies with the UAE’s central bank’s Anti-Money Laundering and Suspicious Cases Unit in accordance with the international standards and directives given in this regard.

Accordingly, this step also promotes the UAE’s competitiveness, resulting in positive impacts and the attractiveness of the investment environment and foreign and institutional investment rates.  

“Al Suwaidi noted that activating electronic connection between brokerage companies and the Anti-Money Laundering and Suspicious Cases Unit is part of other efforts made by SCA to promote anti-money laundering and terrorism financing procedures being a major partner of CBUAE,” the statement said.

It added that this SCA-imposed procedure is consistent with international standards, specifically the Financial Action Task Force (FATF) requirements.