Dubai: The UAE has rolled out updated anti-money laundering and financial crime guidelines, tightening compliance expectations for banks and exchange houses, with a sharper focus on risk monitoring, customer verification and cross-border activity..Sign up for our daily business newsletter, Cheques & Balances..The Central Bank’s latest package introduces a more detailed framework for identifying and managing risks linked to money laundering, terrorist financing and proliferation financing, aligning local standards with global benchmarks.The update affects licensed financial institutions and registered hawala providers, prompting them to strengthen systems to detect suspicious activity and respond consistently..Get updated faster and for FREE: Download the Gulf News app now - simply click here..5 key changes banks need to knowThe revised guidance brings multiple layers of oversight into focus, with clear expectations across risk assessment, customer due diligence and internal controls.1.
Stronger focus on proliferation financing risksBanks are now required to assess and monitor risks linked to proliferation financing with greater precision, including identifying emerging patterns and entities involved in such activity.The framework calls for continuous evaluation of internal controls, along with corrective measures when gaps are identified, making ongoing monitoring a core requirement.2.
Tighter checks on trade-based money flowsTrade-based money laundering and transshipment risks are now under closer scrutiny, with institutions expected to deepen their understanding of how illicit funds can move through trade channels.The guidance pushes banks to strengthen monitoring of complex transactions....
