The UAE Central Bank's new guidelines specifically focus on identity proofing, enrolment and authentication mechanisms in relation to licensed financial institutions' use of digital ID systems. Photo: Central Bank of the UAE
The UAE Central Bank's new guidelines specifically focus on identity proofing, enrolment and authentication mechanisms in relation to licensed financial institutions' use of digital ID systems. Photo: Central Bank of the UAE
The UAE Central Bank's new guidelines specifically focus on identity proofing, enrolment and authentication mechanisms in relation to licensed financial institutions' use of digital ID systems. Photo: Central Bank of the UAE
The UAE Central Bank's new guidelines specifically focus on identity proofing, enrolment and authentication mechanisms in relation to licensed financial institutions' use of digital ID systems. Photo:

UAE Central Bank issues new guidelines to combat money laundering


Fareed Rahman
  • English
  • Arabic

The UAE Central Bank has issued new guidelines for licenced financial institutions, including banks, finance companies, exchange houses and insurance companies, agents and brokers, to combat money laundering and the financing of terrorism.

The new guidelines focus on the use of digital identification systems by licensed financial institutions, or LFIs, to address customer due diligence obligations.

The guidance specifically discusses identity proofing, enrolment and authentication mechanisms in relation to LFIs’ use of digital ID systems, the financial regulator said in a statement on Wednesday.

“The Central Bank is working closely with the licensed financial institutions to ensure their full compliance and understanding of the guidance that we issue regularly,” said Khaled Balama, governor of the UAE Central Bank.

“This guidance on the use of digital ID for customer due diligence obligations will enhance the anti-money laundering and combating the financing of terrorism framework and will mitigate the potential risks in order to safeguard the UAE’s financial system.”

The new rules come as the Central Bank continues to take strict measures to combat money laundering and the financing of terrorism.

Last month, it issued new guidelines for LFIs operating in the insurance sector.

The regulator also penalised an exchange house operating in the country for failing to achieve the appropriate levels of compliance with anti-money-laundering regulations.

Per the new rules, LFIs should leverage data generated by authentication — IP addresses, for example — for ongoing customer due diligence and transaction monitoring to detect suspicious customer behaviour or transactions to or from sanctioned and high-risk jurisdictions.

The LFIs are permitted to rely on customer identification and verification undertaken by a third party at onboarding, provided they obtain all relevant information from the third party and take steps to ensure that the third party will provide copies of customer documents and information used for customer due diligence, the regulator said.

They should also take steps to ensure that the third party complies with customer due diligence and record-keeping requirements set out in Cabinet Decision No (10) of 2019, concerning the Implementing Regulation of Decree Law No (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations.

“LFIs should implement and enforce necessary safeguards to reduce identity proofing and enrolment risks, including cyber attacks, security breaches and use of stolen, falsified or synthetic ID details, given the increasing complexity and severity of cyber breaches,” the Central Bank said.

LFIs are also expected to conduct adequate assurance level and appropriateness assessments on the digital ID systems they choose. They are also required to enact and enforce adequate assurance protocols regarding the accuracy of digital ID systems and may perform the assurance reviews directly or obtain audit or assurance certification details from an expert body.

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UAE WARRIORS RESULTS

Featherweight

Azouz Anwar (EGY) beat Marcelo Pontes (BRA)

TKO round 2

Catchweight 90kg

Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)

Split points decision

Welterweight

Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)

TKO round 1

Flyweight (women)

Lucie Bertaud (FRA) beat Kelig Pinson (BEL)

Unanimous points decision

Lightweight

Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)

TKO round 1

Catchweight 100kg

Marc Vleiger (NED) beat Mohamed Ali (EGY)

Rear neck choke round 1

Featherweight

James Bishop (NZ) beat Mark Valerio (PHI)

TKO round 2

Welterweight

Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)

TKO round 1

Middleweight

Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)

Unanimous points decision

Bantamweight

Fabio Mello (BRA) beat Mark Alcoba (PHI)

Unanimous points decision

Welterweight

Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)

TKO round 1

Bantamweight

Trent Girdham (AUS) beat Jayson Margallo (PHI)

TKO round 3

Lightweight

Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)

TKO round 1

Middleweight

Tarek Suleiman (SYR) beat Steve Kennedy (AUS)

Submission round 2

Lightweight

Dan Moret (USA) v Anton Kuivanen (FIN)

TKO round 2

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What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

WHAT%20ARE%20THE%20PRODUCTS%20WITHIN%20THE%20THREE%20MAJOR%20CATEGORIES%3F
%3Cp%3E%3Cstrong%3EAdvanced%20materials%3A%3C%2Fstrong%3E%20specifically%20engineered%20to%20exhibit%20novel%20or%20enhanced%20properties%2C%20that%20confer%20superior%20performance%20relative%20to%20conventional%20materials%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAdvanced%20components%3A%3C%2Fstrong%3E%20includes%20semiconductor%20components%2C%20such%20as%20microprocessors%20and%20other%20computer%20chips%2C%20and%20computer%20vision%20components%20such%20as%20lenses%20and%20image%20sensors%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAdvanced%20products%3A%3C%2Fstrong%3E%20includes%20personal%20electronics%2C%20smart%20home%20devices%20and%20space%20technologies%2C%20along%20with%20industry-enabling%20products%20such%20as%20robots%2C%203D%20printing%20equipment%20and%20exoskeletons%3C%2Fp%3E%0A%3Cp%3E%3Cem%3ESource%3A%20Strategy%26amp%3B%3C%2Fem%3E%3C%2Fp%3E%0A

Day 1 results:

Open Men (bonus points in brackets)
New Zealand 125 (1) beat UAE 111 (3)
India 111 (4) beat Singapore 75 (0)
South Africa 66 (2) beat Sri Lanka 57 (2)
Australia 126 (4) beat Malaysia -16 (0)

Open Women
New Zealand 64 (2) beat South Africa 57 (2)
England 69 (3) beat UAE 63 (1)
Australia 124 (4) beat UAE 23 (0)
New Zealand 74 (2) beat England 55 (2)

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Our legal columnist

Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

How much of your income do you need to save?

The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.

In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)

Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.

 

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Updated: January 11, 2023, 3:34 PM