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 ...

Central Banks: Borrowing cost is set to rise in the UAE and other Gulf countries in the coming week as the US Federal Reserve is expected to hike rates by 75 bps yet again. Since the UAE and other GCC countries’ currencies are pegged to the US dollar, regional central banks follow the Fed to ...

Dubai: The UAE Central Bank has introduced a certificate programme for those operating as ‘risk-based supervision professionals’. The Advanced Executive Certificate represents the second level of the regulator’s internal supervisory certification programme. The objective is to enhance the skills of Central Bank supervisors who examine licensed financial institutions in the UAE, within a risk-based supervisory ...

The Central Bank of the UAE (CBUAE) on Thursday said it imposed financial sanctions on six banks operating in the UAE for failures to achieve appropriate levels of compliance regarding required due diligence and reporting procedures and standards. The banks have been penalized in line with implementing certain provisions of the Organization for Economic Cooperation ...

The Central Bank took the poor compliance history of the exchange house into account when issuing the fine. The UAE Central Bank has imposed financial sanctions on an exchange company for violating anti-money laundering (AML) regulations. The regulatory fined the exchange house Dh504,000 for violating anti-money laundering and combating the financing of terrorism and illegal ...

Ministry of Economy extends the grace period for compliance until March 31, 2021. The UAE’s Ministry of Economy reiterated the need for non-financial businesses in the UAE to register on GoAML, an Anti-Money Laundering platform developed by the United Nations. This includes brokers and real estate agents, dealers of precious metals and precious stones, auditors ...

Move will provide relief for banks, finance companies enabling them to provide new loans, facilities to customers affected by the pandemic. The UAE Central Bank has extended its Targeted Economic Support Scheme (Tess) for another six months until June 30, 2021 to continue its support for the economy during the Covid-19 pandemic. From January 1, ...