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Standards for Anti-Money Laundering and Combating the Financing of Terrorism and Illicit Organizations for Licensed Financial Institutions

This standard mandates that all Licensed Financial Institutions (LFIs) in the UAE implement a comprehensive, risk-based approach to AML/CFT, including…

What Standards for Anti-Money Laundering and Combating the Financing of Terrorism and Illicit Organizations for Licensed Financial Institutions requires

This standard mandates that all Licensed Financial Institutions (LFIs) in the UAE implement a comprehensive, risk-based approach to AML/CFT, including conducting Customer Due Diligence (CDD), applying Enhanced Due Diligence (EDD) for high-risk customers, and reporting suspicious transactions to the UAE's Financial Intelligence Unit (FIU) via the goAML portal, as required by Federal Law No. (20) of 2018.

Pillar: Financial Crime, AML & Sanctions · Authority: Central Bank of the UAE (CBUAE) · Version: 1.0.0 · Last updated:

Primary source: https://www.centralbank.ae/media/fh2h2n5f/aml-cft-standards-for-lfis-24-06-2019-final-clean.pdf

SHA-256 integrity: cd811f8efe0708a05e3af7a0e487427fc71bf5437290c6f7cc848fbcfb00f91e

Primary Citations — 7 traced to source

  • Standards for AML/CFT and Combating Illicit Organizations, Section 2.1: AML/CFT Program
  • Standards for AML/CFT and Combating Illicit Organizations, Section 3.1: Risk Assessment

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