ABU DHABI, 2nd August, 2022 (WAM) -- The Central Bank of the UAE (CBUAE) has issued new guidance on Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT) for its Licensed Financial Institutions (LFIs) on the risks related to Politically Exposed Persons (PEPs).
The guidance will assist LFIs' understanding of risks and effective implementation of their statutory AML/CFT obligations and takes Financial Action Task Force (FATF) standards into account.
The guidance requires Licensed Financial Institutions to demonstrate compliance with its requirements within one month. Customers...