Featured Product

    Dubai FSA Issues Second Consultation on Changes to AML Regime

    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 Sets Out Effective Practices for Cyber Incident Recovery

    FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.

    October 19, 2020 WebPage Regulatory News
    News

    HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol

    HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.

    October 16, 2020 WebPage Regulatory News
    News

    FSB Sets Out Roadmap for Transition to Alternative Reference Rates

    FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).

    October 16, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on BRRD2 Transposition

    HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).

    October 15, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on CRD5 Transposition

    HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.

    October 15, 2020 WebPage Regulatory News
    News

    BoE Publishes Reporting Schedule for Statistical Returns

    In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.

    October 15, 2020 WebPage Regulatory News
    News

    EC Welcomes Declaration by Member States on EU Cloud Federation

    EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.

    October 15, 2020 WebPage Regulatory News
    News

    MAS Amends Notice on Issuance of Covered Bonds by Banks in Singapore

    MAS published amendments to Notice 648 on the issuance of covered bonds by banks incorporated in Singapore.

    October 15, 2020 WebPage Regulatory News
    News

    FDIC Selects Technology Companies for Rapid Prototyping Competition

    FDIC has selected 14 technology companies—including Accenture Federal Services, LLC, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the next phase of the rapid prototyping competition.

    October 15, 2020 WebPage Regulatory News
    News

    GLEIF Defines New Validation Agent Role for Financial Institutions

    GLEIF announced that financial institutions worldwide can realize a variety of cost, efficiency, and customer experience benefits by assuming a new “validation agent” role within the Global Legal Entity Identifier (LEI) System.

    October 15, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5979