The overview includes instructions from MOEC and Central Bank.
The system of Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) is a system of measures and procedures that are designed to prevent the use of financial systems and legal loopholes for illegal purposes: avoiding determination of the source of origin of funds, money laundering, financing of terrorism and terrorist organizations.
AML measures include:
Customer identification (KYC): Obligation of organizations to identify their customers to avoid servicing anonymous or suspicious individuals.
Сlarified minimum thresholds:
- for occasional transactions — AED 55,000;
- for transfers (including virtual assets) — AED 3,500, above which customer identification becomes mandatory.
Transaction monitoring: Ongoing monitoring of financial transactions to identify suspicious activity.
Suspicious activity reporting (SARs): Obligation of organizations to report suspicious transactions to the relevant authorities, such as the Federal Financial Monitoring Unit (UAE FIU).
Risk Id...