UAE securities regulator bolsters anti-money laundering mechanisms


The Securities and Commodities Authority (SCA) is stepping up its efforts to combat money laundering.

In an announcement, dated September 13, 2015, the regulator said it ordered all UAE-based securities and commodities brokerage companies to work on activating electronic connection with the Anti-Money Laundering and Suspicious Cases Unit of the Central Bank of the UAE (CBUAE).

The aim of the move is to use the technical system of the Anti-Money Laundering and Suspicious Cases Unit, which is highly valued for the high levels of security and secrecy and instant electronic reporting of any transactions or cases that may constitute money laundering crimes or terrorism financing in the country.

H.E. Maryam Al Suwaidi, Deputy CEO for Licensing, Supervision, and Enforcement, said that this procedure marks the first phase of SCA’s plan to connect all SCA-licensed companies with the CBUAE’s Anti-Money Laundering and Suspicious Cases Unit in accordance with the international standards and directives given in this regard, specifically the Financial Action Task Force (FATF) requirements. In addition, she noted that the move promotes electronic transformation in accordance with the directives of the wise leadership.

To view the official announcement, click here.

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UAE securities regulator bolsters anti-money laundering mechanisms

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