UAE banks keen to bolster AML steps

Banks in the UAE are keen to welcome any additional platforms or means of cooperation with US Treasury to support international anti money laundering objectives in coordination with regulatory authorities, the head of the country's banks' federation said.
AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said the UAE banks seek to ensure that they operate in compliance with US and international anti money laundering and sanctions requirements.
In a meeting with a high-level delegation led by the US Secretary of the Treasury Steven T. Mnuchin, Al Ghurair said the collaboration between the UAE and the US to jointly fight the money laundering and terrorist financing menace has been extensive.
At the meeting held in Abu Dhabi, both parties discussed key banking and financial issues of US and UAE bilateral interest, and explored possible ways of collaboration to address them.
"We are pleased to host the Secretary of the Treasury and the high-level delegation, underlining the willingness and commitment to further the development of bilateral cooperation and enhancement of collaboration as the meeting offers a platform to discuss financial and banking issues of mutual interest. By working closely with the United States and other international partners, the UAE is demonstrating its commitment to confront, degrade and eradicate terrorism and extremism across the Middle East and worldwide," Al Ghurair said.
"The UAE is a member of the Middle East and North Africa Financial Action Task Force (Mena-FATF) and UAE banks work closely with our regulator, the UAE Central Bank, towards ensuring adherence to FATF recommendations on combating money laundering and financing of terrorism," said Al Ghurair.
Al Ghurair said the Mena FCCG (Middle East North Africa Financial Crime Compliance Group) was established in September 2016, as a voluntary body comprised of leading MENA banks with the objective of facilitating collective action in the fight against money laundering and terrorist finance in the region.
He said the UBF continues to play a significant role in the banking landscape. "Various initiatives have been undertaken by UBF to promote a sustainable banking ecosystem in the UAE and help its member banks to raise the standards in line with global best practices. One of the UBF's key initiatives, in collaboration with the Central Bank of UAE, was the development of industry guidelines for an effective 'AML & Sanctions Compliance Framework for banks in the UAE, requiring independent assessment," he said.
Other UBF initiatives include "Tasharuk," a cyber threat intelligence sharing platform for banks in UAE, which will allow them to access tools and intelligence available to better identify, protect, detect and respond to cyber-attacks in a timely manner. - issacjohn@khaleejtimes.com