Annual Skilled Persons Reviews on AML programs of Financial Institutions in UAE

The Central Bank of UAE has recently announced the implementation of the Annual Skilled Persons Reviews of Financial Crime Compliance programs for all its Licensed Financial Institutions.

The program requires the LFIs to appoint a professional services firm to conduct reviews around anti-money laundering, combating of terrorism financing (AML/CFT) and Proliferation Financing measures, and implementation of Targeted Financial Sanctions (TFS) by the LFIs.