The surprise event was organised to mark the Abu Dhabi Mobility Week (ADMW) that is underway till May 1
"The Central Bank of UAE reaffirms its commitment towards enhancing monetary and financial stability in the country through effective supervision, partnership with financial institutions and a sustained and robust financial infrastructure. The continuous focus of banks on key financial ratios coupled with the need to provide assistance to impacted customers was required to ensure systemic financial stability in the country," said the governor.
"CBUAE's supervisory and regulatory initiatives are also focused on verifying UAE banks comply with their legal obligations under the UAE anti money laundering legislation to ensure the country's commitment to applying the Financial Action Task Force standards and its standing as a financial center of repute," said Alahmadi said,
On September 1, the UAE has made it mandatory for Hawala service providers, or informal money transfer service providers that operate in the country to register, in a move at strengthening its AML/CFT framework.
As per this move, all activities of the hawaladars will be subject to registration, monitoring and scrutiny in accordance with the law and the AML/CFT regulations in the country.
CBUAE warned that legal action would be taken against Hawala providers should they fail to register their applications within 90 days starting on September 1.
Early this month, the National Committee for Combating Money Laundering and the Financing of Terrorism and Illegal Organisations has announced the launch of 'Fawri Tick', a a unified system that integrates and aggregates various AML/CFT smart system.
- issacjohn@khaleejtimes.com
The surprise event was organised to mark the Abu Dhabi Mobility Week (ADMW) that is underway till May 1
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