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CBUAE issues guidance for LFIs on transaction monitoring, sanctions screening

CBUAE issues guidance for LFIs on transaction monitoring, sanctions screening
LFIs are required to comply with the CBUAE's requirements

UAE - Mubasher: The Central Bank of the UAE (CBUAE) has issued new guidance for its licensed financial institutions (LFIs) on transaction monitoring and sanctions screening to promote statutory anti-money laundering at these institutions.

Under the guidance which is effective from 13 September. LFIs are required to comply with the CBUAE's requirements within one month from the said date, according to a press release on Monday.

LFIs are required to set internal policies and procedures, in line with their business, to be able to tackle their money laundering and financing of terrorism risks and file suspicious transaction and activity reports to the UAE’s Financial Intelligence Unit.

Before carrying out any transaction, LFIs should screen their databases against names on the lists issued by the United Nations Security Council and its relevant Committees (UN Consolidated List) or by the UAE Cabinet.

The Governor of the CBUAE, Khaled Mohamed Balama, said: "As we continue to enhance the effectiveness of AML/CFT measures to safeguard the UAE financial system, we expect licensed financial institutions to fulfill their duties as well. This guidance serves as a key point of reference for licensed financial institutions to ensure their compliance with AML/CFT requirements."