The UAE Central Bank issued new guidelines on the risks related to politically exposed persons (PEPs) to help licensed financial institutions (LFIs) combat money laundering and terrorism financing.
LFIs providing services to PEPs must develop risk-based policies to ensure they appropriately identify such persons or related customers before the commencement of a business relationship, the banking regulator said in a statement on Tuesday.
The guidance requires institutions to carry out risk ratings and additional assessments of such persons.
“LFIs must carry out specific mandatory due diligence measures on PEPs and their direct family members or close associates in addition to the standard due diligence required for all customers,” the bank said.
Institutions must demonstrate compliance with the new requirements within one month.
The move is aimed at helping LFIs ensure the effective implementation of their statutory anti-money laundering and combating the financing of terrorism (AML/CFT) obligations related to PEPs, the Central Bank said.
“We are keen to ensure that all LFIs comprehensively understand their role and responsibilities in mitigating relevant AML/CFT risks and safeguarding the UAE financial system from illicit activities,” said Khaled Balama, Governor of the Central Bank.
Transactions involving PEPs may expose LFIs to a “heightened risk” of money laundering, terrorism financing and other illicit finance, the regulator said.
“This guidance provides LFIs with further requirements and measures they must fulfil before and after initiating business relationships with politically exposed persons to stay anti-money laundering compliant," he said.
Under the new guidance, LFIs are also required to conduct on-going monitoring of their business relationships with PEPs.
They are also required to maintain transaction monitoring systems equipped to identify patterns of unusual or suspicious activity and report any behaviour linked to money laundering, financing of terrorism or a criminal offence to the UAE’s Financial Intelligence Unit, the Central Bank said.
All these preventive measures should be integrated into an LFI’s AML/CFT compliance programme and supported with appropriate governance and training, it added.
“We will continue our efforts to issue similar regulatory guidelines, to enhance the efficiency and robustness of our financial system in line with international standards related to anti-money laundering and financing of terrorism,” Mr Balama said.
The latest guidelines come after the Central Bank issued new AML/CFL guidelines on Monday requiring LFIs to develop internal policies, controls and procedures to manage risks linked to payments.
Globally, money laundering activity is projected to more than double to $5.8 billion by 2027 from an estimated $2.8bn in 2022, research company Markets and Markets said in a report last month.
The UAE has announced various measures to fight and prevent money laundering in the country.
The anti-money laundering task force imposed fines of more than Dh41 million ($11.16m) in the first six months of 2022, as it continues to rein in illicit financial activity.
The UAE's AML/CFT committee also said last month that authorities have reached out to the private sector to ensure effective implementation of sanctions.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Race%20card
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Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
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War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
MEYDAN CARD
6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m
7.05pm Handicap (TB) $175,000 (Turf) 1,200m
7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m
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8.50pm Handicap (TB) $135,000 (T) 1,600m
9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m
10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m
10.35pm Handicap (TB) $135,000 (T) 1,600m
The National selections:
6.30pm AF Alwajel
7.05pm Ekhtiyaar
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8.50pm Zakouski
9.25pm: Kimbear
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
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- February 2, 2018 Bodytree will host its 4th annual yoga market.
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How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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War
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Israel Palestine on Swedish TV 1958-1989
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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