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ADGM publishes enhanced anti-money laundering regime

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The revisions align with international and UAE Federal standards in the area of anti-money laundering (AML) and counter-terrorism financing (CTF).

Monday 15, April 2019 BY KUDAKWASHE MUZORIWA

The Abu Dhabi Global Market (ADGM) has enacted and published changes to its regulatory framework for combatting money laundering, the financing of terrorism and proliferation as well as the financing of unlawful organisations.

The ADGM stated that the AML Regime is designed to fulfil and augment the ongoing efforts of the UAE in combatting financial crimes. 

Richard Teng, the CEO of Financial Services Regulatory Authority of ADGM, said, “These amendments reflect ADGM’s continuous commitment as an international financial centre, to provide a safe regulatory environment and adopt a stringent and effective financial crime prevention supervisory framework, which supports the UAE’s efforts to combat money laundering and terrorist financing activities.”

The enhanced ADGM AML Regime requires that relevant persons, including designated non-financial businesses and professions who operate in ADGM, will be required to be registered under the ADGM AML regime and comply with the obligations under this framework within the next 12 months.

The ADGM established the Financial Crime Prevention Unit (FCPU) in 2017 to promote sound practises in financial crime prevention, including AML/CFT as well as compliance with international tax reporting obligations.

 

TAGS : ADGM, FSRA, AML, FCPU, CFT

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