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UAE's FIs requested to use regtech to follow AML guidelines

Friday 8 May 2020 13:52 CET | News

The United Arab Emirates’ (UAE) regulatory authorities have asked local businesses to implement appropriate fintech and regtech solutions to counter money laundering. 

Companies must also take appropriate measures to prevent other illegal activities such as the financing of terrorism (CFT). This advisory pertains to the treatment of financial crime risks, following the global COVID-19 outbreak. It is consistent with the Financial Action Task Force (FATF) report (for the UAE) that was released in April 2020. UAE’s authorities recommended using fintech and appropriate regulatory technology (regtech) to help meet relevant KYC/AML requirements.

Local companies may use the UAE government’s validation platform, the UAE Pass or Emirates IDs. The UAE’s authorities have requested local financial institutions to review their existing risk assessment and control frameworks. They have also asked businesses to update their current policies and procedures as needed.

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Keywords: financial service providers, UAE, regulatory authorities, AML, fintech, regtech, CFT, COVID19, outbreak, FATF report, KYC, UAE PASS, Emirates ID, UAE validation platform
Categories: Banking & Fintech | Digital Identity, Security & Online Fraud
Countries: United Arab Emirates
This article is part of category

Banking & Fintech