by admin | Aug 31, 2022 | AML
The FSRA found that Wise did not establish and maintain adequate AML systems and controls to ensure full compliance with its AML obligations in that it did not: – Identify and verify the source of funds (SOF) and the source of wealth (SOW), as part of the...
by admin | Aug 9, 2022 | AML
The UAE has introduced new reporting requirements for “certain real estate transactions” conducted in the country to fight money laundering and terrorism financing. As part of the latest directive, all real estate agents, brokers and law firms are required to file...
by admin | Aug 2, 2022 | AML
The Central Bank of the UAE said on Monday it has issued new guidance on the risks related to payments to help licensed financial institutions (LFIs) effectively implement anti-money laundering and combatting of the financing of terrorism measures. The guidance, which...
by admin | Aug 1, 2022 | AML
The Central Bank of the UAE (CBUAE) on Thursday said it imposed financial sanctions on six banks operating in the UAE for failures to achieve appropriate levels of compliance regarding required due diligence and reporting procedures and standards. The banks have been...
by admin | Jul 7, 2022 | AML
What is the Real Estate Activity Report (REAR)? Ministry of Economy has recently issued a Circular (No. 05/2022 dated 24th June 2022), instructing the real estate brokers and the law firms, to report the specified transactions pertaining to real estate in the new...
by admin | Jun 1, 2022 | AML
What does ‘targeted financial sanctions’ (“TFS”) mean? The term targeted sanctions means that such sanctions are imposed against specific individuals, entities, or groups. The term TFS includes both asset freezing without delay and prohibition from making...
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