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 ...

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, ...

Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the United Arab Emirates, Prime Minister and Ruler of Dubai, announced today, Saturday, that his government has taken a decision to merge the Insurance Authority with the Central Bank. Sheikh Mohammed said in a tweet on Twitter: “Today we issued a decision to merge the Insurance Authority with ...

The introduction of these regulations represents the second step towards implementation of the new Dirham Monetary Framework announced earlier this year. ABU DHABI – The Central Bank of the UAE, CBUAE, announced today that, effective 28 October 2020, it will introduce new regulations regarding reserve requirements for deposit-taking licensed financial institutions. The introduction of these regulations ...