23/09/2014 02:32 AST
The Central Bank of the UAE has recently held a workshop at the Central Bank branch in Dubai on “The Implementation of Forty Recommendations of the Financial Action Task Force (FATF) of 2012”.
The two-day workshop was organised by the Anti-Money Laundering and Suspicious Case Unit (AMLSCU), in line with its strategy to create awareness among its strategic partners on the evolving international standards in order to further strengthen the AML/CFT framework and be prepared for the next round of mutual evaluation on AML/CFT.
The workshop, which was attended by some members of the National Anti-Money Laundering Committee, was structured in a sequence of three working sessions on both days, focusing on the practical application of FATF Recommendations of 2012 in terms of technical compliance and their effectiveness based on the eleven immediate outcomes including the elements of a risk-based approach on AML/CFT.
The workshop included the scope of the recommendations, procedures for assessing compliance, new technologies, customer due diligence, reporting of suspicious cases and practical exercises. It was attended by more than 210 persons comprising NAMLC members, senior management, compliance professionals and operational staff from banks and other financial institutions.
AMLSCU, since 2000, has conducted training and provided technical assistance at 1,086 events benefiting around 15,500 persons representing banks, other financial institutions, designated non-financial businesses and professions (DNFBPs), supervisory and law enforcement authorities, Ministries, counterpart FIUs and other domestic and foreign stakeholders reflecting AMLSCU’s focus on training, capacity building for national, regional and international levels.
In addition, as per the AML/CFT training programme for 2014, AMLSCU will be conducting several workshops during the remaining period of 2014, including National Risk Assessment, Money Laundering, Terrorist Financing and Proliferation Using New Payment Methods, Securing the Financial System Against Fraud oOperations, and the Customer Due Diligence and Know Your Customer procedures.
Also, AMLSCU will host the Assessors Training Workshop before the end of the 4th Quarter of 2014, to be conducted by Middle East and North Africa Financial Action Task Force (MENAFATF) in co-operation with Financial Action Task Force (FATF) in preparation for the next round of mutual evaluation.
WAM
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