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UAE central bank holds workshop

The Central Bank of the UAE on Sunday announced that the Anti-Money Laundering and Suspicious Cases Unit, in line with its strategy to enhance the capacity building of its regulated entities, recently held a workshop regarding the “Requirements of the FATF [Financial Action Task Force] recommendations of 2012 and online STR system’ for banks, currency exchanges and other financial institutions in Abu Dhabi.

It was inaugurated by Sultan bin Nasser Al Suwaidi, Governor of the UAE Central Bank and chairman of National Anti-Money Laundering Committee.

In his opening speech, he emphasised the partnership between the public and private sectors to promote efforts in combating money laundering and terrorist financing. He further stated that the workshop was a continuation of the process of partnership with the private sector to enhance awareness regarding the obligations of financial institutions on evolving international standards, and thus strengthen further the UAE AML/CFT framework.

The workshop was structured in a sequence of four working sessions, with focus on the practical application of the revised FATF standards, Online STR system, customer due diligence and other relevant matters, including case studies. It was attended by more than 414 delegates, comprising senior management, compliance professionals and operational staff, among others. —