The Central Bank of the UAE has issued new guidelines to help licensed financial institutions (LFIs) – which lend to cash intensive businesses (CIB) such as those in retail, trading, travel and transport – combat money laundering and the financing of terrorism.
LFIs that provide services to CIBs must take a risk-based approach in their anti-money laundering (AML) programmes and assess CIB customers to determine their degree of risk, the regulator said in a statement on Sunday.
CIBs are businesses that experience a high volume of cash flows, spanning various industry sectors such as retail, wholesale and trading, travel and transport, according to the central bank.
“LFIs must perform appropriate customer due diligence that comprises customer and beneficial owners identification, understanding of the customer business and ongoing monitoring of the business relationship,” the central bank said.
LFIs should also obtain appropriate information regarding the source of cash deposited in a customer’s account as well as mandate the use of Emirates IDs for cash deposits in ATMs.
Additionally, LFIs should maintain transaction monitoring systems to identify patterns of potentially suspicious activity that may be linked to money laundering, the financing of terrorism or a criminal offence, and submit transaction reports directly to the UAE’s Financial Intelligence Unit using the goAML portal, the statement said.
The UAE has revealed various measures to fight and prevent money laundering in the last few months.
Dubai set up a specialist court in August to focus on fighting money laundering and other financial crimes in a bid to strengthen the integrity of its financial system. The Dubai Misdemeanour Court convicted eight people and three companies of cyber fraud and laundering stolen funds amounting to about Dh14 million ($3.81m) earlier this year.
It also fined an exchange house operating in the country almost Dh500,000 ($136,000) for failing to achieve appropriate levels of compliance with anti-money laundering regulations in April.
“The new guidance affirms our commitment to implement high regulatory control over LFIs and their transactions with cash-intensive business activities and to complement with the UAE’s path to actively participate in international efforts to AML/CFT,” said Khaled Balama, governor of the Central Bank of the UAE.
“We will continue our efforts to issue similar regulatory guidelines to ensure enhancing the efficiency and robustness of our banking and financial system, in line with the Financial Action Task Force (FATF) standards."
The latest guidelines came into effect on September 28, according to the banking regulator. LFIs have been given a month to comply.
The UAE has also joined other countries to clamp down on money laundering.
In August, the Financial Intelligence Unit joined forces with the China Anti-Money Laundering Monitoring and Analysis Centre to exchange information and help crack down on global money laundering and terrorism financing.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
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- Unlike students, they are allowed to bring their families to France
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Results:
CSIL 2-star 145cm One Round with Jump-Off
1. Alice Debany Clero (USA) on Amareusa S 38.83 seconds
2. Anikka Sande (NOR) For Cash 2 39.09
3. Georgia Tame (GBR) Cash Up 39.42
4. Nadia Taryam (UAE) Askaria 3 39.63
5. Miriam Schneider (GER) Fidelius G 47.74
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
RESULTS
6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
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7.05pm: Maiden (TB) Dh 82,500 (D) 2,000m
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7.50pm: Handicap (TB) Dh 82,500 (D) 1,600m
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8.15pm: The Garhoud Sprint Listed (TB) Dh 132,500 (D) 1,200m
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8.50pm: The Entisar Listed (TB) Dh 132,500 (D) 2,000m
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9.25pm: Conditions (TB) Dh 120,000 (D) 1,400m
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Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Dubai Women's Tour teams
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Andy Schleck Cycles-Immo Losch
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Doltcini-Van Eyck Sport
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Wheel Divas Cycling Team
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
HAJJAN
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Yemen's Bahais and the charges they often face
The Baha'i faith was made known in Yemen in the 19th century, first introduced by an Iranian man named Ali Muhammad Al Shirazi, considered the Herald of the Baha'i faith in 1844.
The Baha'i faith has had a growing number of followers in recent years despite persecution in Yemen and Iran.
Today, some 2,000 Baha'is reside in Yemen, according to Insaf.
"The 24 defendants represented by the House of Justice, which has intelligence outfits from the uS and the UK working to carry out an espionage scheme in Yemen under the guise of religion.. aimed to impant and found the Bahai sect on Yemeni soil by bringing foreign Bahais from abroad and homing them in Yemen," the charge sheet said.
Baha'Ullah, the founder of the Bahai faith, was exiled by the Ottoman Empire in 1868 from Iran to what is now Israel. Now, the Bahai faith's highest governing body, known as the Universal House of Justice, is based in the Israeli city of Haifa, which the Bahais turn towards during prayer.
The Houthis cite this as collective "evidence" of Bahai "links" to Israel - which the Houthis consider their enemy.
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MATCH INFO
Manchester City 3
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Ulloa (20')
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Cagliari 5-2 Fiorentina
Udinese 0-0 SPAL
Sampdoria 0-0 Atalanta
Lazio 4-2 Lecce
Parma 2-0 Roma
Juventus 1-0 AC Milan
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Dir: Rajkumar Gupta
Starring: Ajay Devgn, Ileana D'cruz and Saurabh Shukla
Verdict: Three stars
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
