• UAE urges banks to step up fight against terrorism financing, money laundering

      January 31, 2021    

    The CBUAE introduced the supervisory agenda of the bank's Anti-Money Laundering Department.

    Monetary foundations in the UAE were encouraged to zero in on combatting tax evasion and financing for psychological oppression in a gathering went to by consistent officials from all banks.

    The Central Bank of the UAE (CBUAE) held the main Compliance Officers Forum to make a discourse between the CBUAE and Chief Compliance Officers, all things considered, to talk about assumptions from consistence capacity and banks' danger the executives.

    The gathering, led by Abdulhamid M. Saeed Alahmadi, Governor of the UAE Central Bank, was gone to by more than 100 Chief Compliance Officers and other senior consistency experts from the financial business within the sight of Abdul Aziz Al Ghurair, Chairman of UAE Banks Federation (UBF).

    Ahmad opened the gathering, accentuating the significance of consistency capacities and its part in guaranteeing sound and extensive administration of all dangers looked at by banks in the UAE. The gathering tended to a few issues, essentially featuring that banks need to survey the degree and abilities of their consistent work and appropriately install the consistence hazard inside the general danger hunger system.

    During the gathering, the CBUAE presented the administrative plan of the bank's Anti-Money Laundering Department with a specific spotlight on consenting to the activities suggested by the Financial Action Task Force (FATF).

    The members were refreshed on the advancement of the public activity for digitalizing the "Know-your-client" measure across the financial area to guarantee uniform administrative principles, an undeniable degree of consistency, and expanded productivity.

    The UBF's Compliance Committee emphasized their obligation to help the CBUAE and other UAE specialists to fortify the counter illegal tax avoidance structure.

    Ahmadi said: "The UAE is unequivocally dedicated to applying FATF principles to guarantee that its monetary framework is free from any danger. We encourage monetary establishments to hold their emphasis on combatting illegal tax avoidance and financing of psychological warfare. We consider Chief To be Officers as our accomplices in this excursion. We expect that these customary discussions coordinated by the Central Bank will give a strong stage to administrative discourse with the business."

    The occasion upholds accomplishing the UAE's plan to fortify the endeavors on the enemy of tax evasion and combatting the financing of psychological warfare.

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