General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
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

FDIC Consults on Approach to Resolution Planning for IDIs

FDIC approved an Advance Notice of Proposed Rulemaking (ANPR) and is seeking comment on ways to tailor and improve its rule requiring certain insured depository institutions (IDIs) to submit resolution plans.

April 22, 2019 WebPage Regulatory News
News

EP Resolution on Proposal for Sovereign Bond Backed Securities

The European Parliament (EP) published adopted text on the proposal for a regulation of the European Parliament and of the Council on sovereign bond-backed securities (SBBS).

April 16, 2019 WebPage Regulatory News
News

HKMA Decides to Maintain Countercyclical Capital Buffer at 2.5%

HKMA announced that, in accordance with the Banking (Capital) Rules, the countercyclical capital buffer (CCyB) ratio for Hong Kong remains at 2.5%.

April 16, 2019 WebPage Regulatory News
News

EP Approves Agreement on Package of CRD 5, CRR 2, BRRD 2, and SRMR 2

The European Parliament (EP) approved the final agreement on a package of reforms proposed by EC to strengthen the resilience and resolvability of European banks.

April 16, 2019 WebPage Regulatory News
News

PRA Finalizes Policy on Approach to Managing Climate Change Risks

PRA published the policy statement PS11/19, which contains final supervisory statement (SS3/19) on enhancing banks’ and insurers’ approaches to managing the financial risks from climate change (Appendix).

April 15, 2019 WebPage Regulatory News
News

PRA Seeks Input and Issues Specifications for Insurance Stress Tests

PRA announced that it will conduct an insurance stress test for the largest regulated life and general insurers from July to September 2019.

April 15, 2019 WebPage Regulatory News
News

EBA Single Rulebook Q&A: First Update for April 2019

EBA published answers to nine questions under the Single Rulebook question and answer (Q&A) updates for this week.

April 12, 2019 WebPage Regulatory News
News

FED Updates Form and Supplemental Instructions for FR Y-9C Reporting

FED updated the form and supplemental instructions for FR Y-9C reporting. FR Y-9C is used to collect data from domestic bank holding companies, savings and loan holding companies, U.S intermediate holding companies, and securities holding companies with total consolidated assets of USD 3 billion or more.

April 11, 2019 WebPage Regulatory News
News

EIOPA Statement on Application of Proportionality in SCR Supervision

EIOPA published a supervisory statement on the application of proportionality principle in the supervision of the Solvency Capital Requirement (SCR) calculated in accordance with the standard formula.

April 11, 2019 WebPage Regulatory News
News

ISDA Publishes Statement on FRTB Implementation in Emerging Markets

ISDA published a statement that outlines challenges in implementation of the new Basel III market risk standard for banks in emerging markets.

April 11, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2929