In the context of the Securities and Commodities Authority’s keenness to achieve the objectives of the National Action Plan aimed at enhancing the state’s approach to combating money laundering and terrorist financing in conformity with the standards of the Financial Action Task Force (FATF), SCA held a workshop titled “Companies’ Obligations to Anti-Money Laundering and Terrorist Financing Measures”, in the presence of more than 100 participants working for companies licensed by the Authority.
The workshop - which was organized via remote video communication technologies - aims to acquaint the public with the international obligations and requirements of the United Arab Emirates in this field in accordance with the applicable laws.
The workshop discussed a number of important axes, including the national institutional structure of the United Arab Emirates to meet the requirements of the Financial Action Task Force (FATF), the legislations and guidelines to be adhered to, internal policies and procedures and requirements for the risk-based assessment methodology, and the definition of duties and responsibilities of the compliance officer (the Anti-Money Laundering Officer).
It also included a detailed explanation about the continuous monitoring of transactions and how companies assess business and customer risks, due diligence procedures, procedures for relying on a third party, and requirements for training and qualifying employees of the company in accordance with risk-based assessment standards, in addition to the procedures for submitting the necessary reports to the Financial Information Unit.
The workshop witnessed a great interaction from the attendees by asking questions and inquiries, and they praised the importance of this type of workshops, which contributes to increasing the awareness of licensed companies regarding their obligations to combat money laundering and terrorist financing measures.