The Central Bank of the UAE has issued new guidelines to financial institutions on Anti-Money laundering practices the latest of a number of measures launched by the Gulf state to combat illicit financial flows.
The CBUAE established a dedicated department in August 2020 to handle all Anti-Money Laundering and Combatting the Financing of Terrorism matters (AML/CFT), which the Banking Supervision Department handled previously.
The Anti-Money Laundering and Combatting the Financing of Terrorism Supervision Department (AMLD) serves three key objectives:
- examining Licensed Financial Institutions (LFIs);
- ensuring adherence to the UAE’s AML/CFT legal and regulatory framework, and
- identifying threats, vulnerabilities and emerging risks to the UAE’s financial sector.