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UAE's AML/CTF Supervisor

UAE

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UAE Financial Intelligence Unit (FIU)

The UAE Financial Intelligence Unit (FIU) analyses irregular transactions and events that may include money laundering, terrorist financing, and associated illegal activities, using data and reports from financial institutions (FIs), designated non-financial businesses and professions (DNFBPs) that cooperate and exchange expertise in order to identify and counter such activities.

The FIU promotes cooperation and mutual collaborations with state, regional, and international leaders that share a commitment to financial crime prevention. This partnership involves the creation of shared network platforms that facilitate the exchange of information between agencies charged with combating money laundering and terrorism financing.

How to comply with the Financial Intelligence Unit (FIU) regulations in the UAE

UAE

Financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs) are expected to maintain and implement a compliance policy that includes, but is not limited to, the following:

  • Policies and procedures for sharing information about customer due diligence measures and money laundering and terrorism financing risks.
  • The mandatory provision of information regarding customers and operations when it is necessary for AML/CTF purposes.
  • Analytical reports on activities, which appear unusual and appear suspicious when they are scrutinised.
  • A mechanism for the appropriate compliance risk management measures to be applied.
  • Adequate safeguards for the confidentiality and use of information exchanged must be in place, including safeguards to prevent tipping-off of suspects.
  • Designation of a Money Laundering Reporting Officer (MLRO).
  • Training and knowledge development on a sustainable basis.
  • An independent testing plan to assure appropriate effectiveness of the company policy.

UAE AML/CTF reporting obligations to the FIU

Compliance

Financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs) are expected to notify the FIU of any unusual details discovered during their enforcement program. Examples of such escalations include, but are not limited to:

  • Escalating scenarios necessitating the modification of risk classifications, the suspension or termination of business relationships, or further investigation of irregular or potentially criminal practises.
  • Suspicion of a crime involving ML/FT upon predefined indicators.
  • Rejection of potential new business relationships because of ML/FT suspicions during onboarding screening and due diligence.
  • When there is a suspicion in a cash transaction report (CTR) that cash transactions have been used to hide transaction traceability.
  • A suspicion that the source of funds (SOF) has been concealed.
  • A suspicion that the Ultimate Beneficial Owner/s (UBO) have been concealed.
  • Any spontaneous or regular reporting request from the FIU of UAE