Abu Dhabi Global Market strengthens regulatory supervision with enhanced anti-money laundering regime
Source: ADGM , Author: Posted by BI-ME staff
Posted: Mon April 15, 2019 6:19 pm

UAE: Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced today that it has enacted and published changes to the ADGM’s regulatory framework for combatting money laundering, the financing of terrorism and proliferation, and the financing of unlawful organisations (ADGM AML Regime).

The enhancements follow a period of public consultation, where the proposed enhancements received supportive public feedback.

As an international financial centre and financial regulator, ADGM places great importance and efforts on maintaining a robust regulatory framework applicable to financial institutions and other relevant firms. The ADGM AML Regime is designed to fulfil and augment the ongoing efforts of the UAE in combatting financial crimes. The enhancements align the ADGM AML Regime with the UAE’s recently revised Federal anti-money laundering legislation and with the international standards set by the Financial Action Task Force (FATF).

Under the enhanced ADGM AML Regime, 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.

Richard Teng, 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. ADGM is working closely with UAE federal authorities to ensure proper readiness for FATF’s upcoming mutual evaluation assessment, and our dedicated team is working on various initiatives to enhance the level of compliance and awareness of financial crime risks”. 

For more details on the enhanced requirements of the ADGM AML Regime, please click HERE.

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

For more information on the ADGM’s AML/CTF regime, please click HERE.

Photo Caption: Richard Teng, CEO of Financial Services Regulatory Authority of ADGM

 

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