The Anti-Money Laundering and Suspicious Cases Unit (Amlscu) at the UAE Central Bank, in line with its strategy to enhance the capacity building of its regulated entities and establishments, on Monday held a discussion session on ‘Challenges and Risks Facing Money Changers in the field of AML/CFT' at the Central Bank premises in Abu Dhabi.
This discussion session was the first of four sessions scheduled for this week.
The discussion particularly focused on the compliance regime, correspondent banking relationships, submission of suspicious transaction reports, the new ‘Cash and Bearer Instruments Declaration Regulation and its impact on Money Changers'.
The session concluded with a discussion on implementing UN and other sanctions. The discussion session was attended by 63 persons, comprising senior staff of Amlscu, compliance professionals and operational staff from 20 money changers.