His captivating performances quickly garnered attention within the magic industry, propelling him to prominence as one of Dubai's most sought-after magicians
kt network1 hour ago
The Central Bank of the UAE (CBUAE) has issued a new guidance on anti-money laundering and combating the financing of terrorism (AML/CFT) for its licensed financial institutions (LFIs) on the risks related to payments.
The guidance, which comes into effect today, will assist LFIs’ understanding of risks and effective implementation of their statutory AML/CFT obligations, and takes Financial Action Task Force (FATF) standards into account.
It requires LFIs to demonstrate compliance with its requirements within one month.
The guidance focuses on the money laundering and the financing of terrorism risks relating to payments and preventive measures that LFIs should apply in order to mitigate such risks. As new payment products and services might bring risks to the financial system because of the rapid movement of funds between payment participants and across borders, and LFIs might be exposed to participants licensed by the CBUAE and those operating globally, LFIs should take a risk-based approach to mitigate and manage money laundering and the financing of terrorism risks.
They should conduct a regular risk assessment to cover all the payment products, services, relationships and exposure to domestic and foreign payment sector participants.
LFIs are responsible for conducting due diligence on customers, monitoring all transactions processed or conducted through the LFIs and reporting suspicious transactions to the UAE’s Financial Intelligence Unit. They should also have sanctions compliance programme with operational systems that appropriately screen transactions and transmit required information throughout the payment cycle.
ALSO READ:
In correspondent relationships, LFIs should not process any payments for a correspondent unless they are entirely confident that the correspondent conducts appropriate screening. These preventive measures should be integrated into an LFI’s AML/CFT compliance programme and supported with governance and training.
Khalid Mohammed Balama, Governor of CBUAE, said, "We are committed to implementing high regulatory control over LFIs and their payment operations, including products, services and exposure. The new guidance ensures that all LFIs in the UAE understand their AML/CFT responsibilities and have compliance programmes to mitigate risks payment-related risks."
His captivating performances quickly garnered attention within the magic industry, propelling him to prominence as one of Dubai's most sought-after magicians
kt network1 hour ago
Cyclone Hidaya is likely to 'bring strong winds and large ocean waves, with heavy rainfall' expected to hit the coast starting Sunday
world1 hour ago
Vadra's artistic prowess knows no bounds, as evidenced by his diverse portfolio spanning wildlife, street photography, and commercial art
kt network1 hour ago
The Caribbean admitted to seven charges, including those related to franchise-based leagues in Sri Lanka, UAE and the West Indies, the ICC said
sports1 hour ago
The CST-100 Starliner test mission will ferry two Nasa astronauts to the International Space Station
space1 hour ago
According to Palestinian prisoner associations, the health worker had been detained by Israeli forces while temporarily working at Al-Awada Hospital
mena1 hour ago
Arfan Bhatti, a 46-year-old Islamist who has lived and is well-known in Norway, is suspected of having planned the attack
world1 hour ago
Alvarez, who will be chasing the 61st victory of his dazzling career, says he has everything he needs to win
sports2 hours ago