Day: April 14, 2024
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UAE’s Strategic Goals in Combatting Money Laundering
One of the UAE’s strategic goals in combatting money laundering is to deepen the understanding of risk. This involves conducting comprehensive risk assessments to identify vulnerabilities and emerging trends in money laundering and terrorist financing activities. By gaining a deeper understanding of these risks, the UAE can develop targeted measures to mitigate them effectively. Additionally,…
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Understanding the Responsibilities of DNFBPs under UAE Law
Who is Considered a DNFBP by MOE under UAE Law? In the United Arab Emirates (UAE), the Ministry of Economy (MOE) plays a crucial role in regulating and supervising the activities of Designated Non-Financial Businesses and Professions (DNFBPs). DNFBPs are entities that are involved in activities that have the potential to be exploited for money…
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An Effective Customer Due Diligence Process for Financial Institutions and DNFBPs
An Effective Customer Due Diligence Process for Financial Institutions and DNFBPs Customer due diligence (CDD) is no longer a box-ticking exercise; it’s the cornerstone of a robust compliance framework to ensure compliance with UAE regulators like the Ministry of Economy (MoE) and the Central Bank UAE (CBUAE). Financial institutions (FIs) and DNFBPs have a responsibility…
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Spotting Suspicious Activity? When to File a Suspicious Transaction Report (STR) in the UAE
Spotting Suspicious Activity? When to File a Suspicious Transaction Report (STR) in the UAE The United Arab Emirates (UAE) is a global financial hub, and with that comes a responsibility to combat financial crime. As a resident or business owner, you might find yourself questioning a transaction’s legitimacy. This is where Suspicious Transaction Reports…
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TFS in the UAE: A Comprehensive Guide for FIs, DNFBPs, and VASPs
TFS in the UAE: A Comprehensive Guide for FIs, DNFBPs, and VASPs The following is a guide for Financial Institutions (FIs), Designated Non-Financial Businesses and Professions (DNFBPs), and Virtual Asset Service Providers (VASPs) operating in the UAE. It aims to provide a comprehensive understanding of Targeted Financial Sanctions (TFS) as outlined in Cabinet Resolution No.…