UAE's new AML /CFT guidelines on providing services for real estate, precious metals sectors | ZAWYA MENA Edition
The Central Bank of UAE has issued new guidance on anti-money laundering and combating the financing of terrorism (AML/CFT) for licensed financial institutions (LFI) providing services to the real estate sector, and dealers of precious metals and stones (DPMS).
For all customer dealings, LFIs are required to perform appropriate customer due diligence and report any behaviour that they reasonably suspect may be linked to money laundering, financing of terrorism or a criminal offence by submitting suspicious activity reports directly to the UAE’s Financial Intelligence Unit using the “goAML” portal.
LFIs providing services to real estate and precious metals and stones sectors specifically should assess the associated money laundering and terrorist financing risks and develop an effective AML/CFT programme that encompasses a competent compliance officer and provides training for LFIs’ employees on said risks.
Khaled Mohamed Balama, Governor of the CBUAE, said: “This Guidance serves as a key point of reference for those providing services to real estate and precious metals and stones sectors and is set to further increase the efficacy of licensed financial institutions in contributing to the stringent national efforts in the field of AML/CFT.”
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