The Central Bank of the UAE (CBUAE) has issued new anti-money laundering and counter-terrorism financing (AML/CFT) guidelines for licensed financial institutions (LFIs), which include banks, finance companies, exchange houses, insurance companies, agents, and brokers. The guidelines focus on the use of digital ID mechanisms that LFIs should employ on an ongoing basis to perform customer ...

The UAE Central Bank has fined six hawala operators Dh350,000 in violation of the country’s Anti Money Laundering and Combatting the Financing of Terrorism and Financing of Illegal Organisations (AML/CFT) laws. A statement issued on Wednesday said hawala providers were penalised for not registering on the regulator’s GoAML reporting system on time. “The Central Bank ...

145 participants take part in virtual workshop by Dubai Public Prosecution Dubai: The Dubai Public Prosecution has joined hands with government entities to increase the country’s efforts in extradition of wanted suspects in money laundering and terrorist financing cases. Chancellor Essam Eisa Al Humaidan, Attorney General of Dubai, said they aim to increase the efforts ...

The country has rolled out several initiatives and is coordinating in areas such as governance and supervision with international partners The UAE has made “significant” progress with a national plan to combat money laundering and curb terrorism financing in the country, according to a statement issued by the country’s central bank. The Emirates has rolled ...