Suspicious Activity and Transaction Reporting Thematic Review 2023

ABSTRACT

This Thematic Review sets out key findings and regulatory expectations based on the outcomes of the 2022 AML/CFT Examination conducted on Licensed Financial Institutions (LFIs) and Designated Non-Financial Businesses and Professions (DNFBPS) regarding Suspicious Transaction / Activity Reporting Framework.

Note: This Thematic Report is intended to provide a summary and overview of risks understood by the UAE's competent authorities based on supervisory inspections. It does not set out the comprehensive obligations under the UAE's Law. It does not constitute, nor should it be treated as, legal advice or opinion.

Defenitions

LFI: Licensed Financial Institution

ML: Money Laundering

DNFBPs: Designated Nonfinancial Businesses and Professions

TF: Terrorism Financing

PF: Proliferation Financing

AML/CFT: Anti-Money Laundering and Counter Financing Terrorism

KYC: Know Your Customer

STR: Suspicious Transactions Report

SAR: Suspicious Activity Report

Crime: Defined in Article 1 of the AML-CFT Law as "money laundering crime and related predicate offences, or financing of terrorism or illegal organi...