April 18, 2018

Dubai FSA launched the second phase of its consultation process that proposes changes (via CP120) to the Anti Money Laundering, Counter-terrorist Financing, and Sanctions (AML) Module of its Rulebook. The proposed changes are intended to ensure that the AML regime is compliant with the 2012 Financial Action Task Force (FATF) recommendations. Comments are due by May 20, 2018, using the table provided in Appendix 3.

The consultation paper contains background to the proposal, specific noteworthy issues, and an explanation of the proposed changes to the AML Module. Appendix 1 to the consultation paper includes draft amendments to the AML Module while Appendix 2 contains draft amendments to the Conduct of Business (COB) Module. The areas in which Dubai FSA is proposing amendments include customer due diligence, record keeping, new technologies, wire transfers, reliance on third parties, internal controls and foreign branches and subsidiaries, higher risk countries, and transparency and beneficial ownership of legal arrangements.

FATF is the global standard-setter in the fight against money laundering and combating the financing of terrorism and terrorist acts. The recommendations developed by FATF are revised periodically to ensure that countries respond to the current money laundering and terrorist financing threats as well as other threats to the financial system. FATF monitors, by means of a mutual evaluation, the progress of its members in implementing these recommendations. The next UAE FATF mutual evaluation will take place in the second half of 2019. Dubai FSA, as a stakeholder, is expected to contribute to this mutual evaluation. Dubai FSA has reviewed its AML regime (via a self-assessment process) to assess whether it meets the recommendations set by FATF and identified areas that required change. Dubai FSA consulted on these identified change requirements in March 2018 via CP118, which constituted the first phase of the consultation process.


Related Links

Comment Due Date: May 20, 2018

Keywords: Middle East and Africa, United Arab Emirates, Banking, AML Regime, Rulebook, FATF, AML/CFT, Dubai FSA

Related Articles
News

FSB to Evaluate Effects of Too-Big-To-Fail Reforms for Systemic Banks

FSB is seeking feedback as part of its evaluation of the effects of the too-big-to-fail reforms for banks.

May 23, 2019 WebPage Regulatory News
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA on Industry Self-Assessments into Governance and Accountability

APRA released an information paper analyzing the self-assessments performed by 36 of the country’s largest banks, insurers, and superannuation licensees in response to the final report on the Prudential Inquiry into the Commonwealth Bank of Australia (CBA).

May 22, 2019 WebPage Regulatory News
News

PRA Consults on Maintenance of TMTP Under Solvency II

PRA published a consultation paper (CP11/19) that sets out its approach to update supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTP) under Solvency II.

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

IASB Proposes Improvements to IFRS 9 and IFRS 16

IASB published the exposure draft ED 2019/2 that proposes amendments to four IFRS standards, including IFRS 9 on Financial Instruments and IFRS 16 on Leases.

May 21, 2019 WebPage Regulatory News
News

Denis Beau of BDF on Supervisory Priorities for Climate-Change Risks

Denis Beau, the First Deputy Governor of BDF, delivered opening remarks at the BCBS-BSCEE-FSI High-level Meeting for Europe on banking supervision.

May 21, 2019 WebPage Regulatory News
News

ISDA CDM to be Deployed for UK Digital Regulatory Reporting Pilot

ISDA announced deployment of the ISDA Common Domain Model (ISDA CDM 2.0) to support the UK FCA, BoE, and participating financial institutions in testing phase two of the Digital Regulatory Reporting pilot for derivatives.

May 21, 2019 WebPage Regulatory News
News

MAS to Consolidate Regulation of Merchant Banks Under Banking Act

MAS published a consultation paper that proposes to consolidate the regulation of merchant banks under the Banking Act and to move merchant banks to a licensing regime under the MAS Act.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3118