This came during the regular meeting held yesterday by His Excellency Abdul Hamid Muhammad Saeed Al-Ahmadi, Governor of the Central Bank of the United Arab Emirates, with the executive heads of major banks operating in the country to see the extent of the banking sector’s readiness to deal with the repercussions of the “Covid-19” epidemic and the importance of strict controls to reduce Money laundering and counter terrorism financing risks.
The meeting began with a review of the macroeconomic situation, highlighting the banking sector, and discussed developments in the targeted comprehensive economic support plan, developments in temporary exemptions, and the importance of developing effective policies and measures to restructure loans.
Bank heads were also informed of the results of the sanctions examination test. The Central Bank analyzed and tested the sanctions examination systems for financial institutions licensed by the newly established Anti-Money Laundering and Terrorism Financing Unit in the Central Bank.
His Excellency Abdul Hamid Muhammad Saeed Al-Ahmadi said: “The Central Bank of the United Arab Emirates confirms its commitment to enhancing the monetary and financial stability in the country, through effective supervision, partnership with financial institutions, and the provision of a coherent financial infrastructure. Providing assistance to affected clients is essential to ensure overall financial stability in the country. ”
He added: “The supervisory and regulatory initiatives undertaken by the Central Bank aim to ensure that banks operating in the country comply with legal obligations in accordance with the legislation in force regarding anti-money laundering and combating terrorist financing laws, and to ensure compliance with the standards of the Financial Action Task Force / FATF / in order to enhance the country’s position as a financial center. Distinguished, with a good reputation. ”
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