300 thousand individuals benefit from the economic support plan


Abu Dhabi: “The Gulf”

The UAE Central Bank announced that more than 300,000 individuals and nearly 10,000 small and medium enterprises, in addition to more than 1,500 private sector companies, have benefited from the targeted economic support plan to date.
This came during the periodic meeting held by Abdul Hamid Muhammad Saeed Al-Ahmadi, Governor of the Central Bank, with the executive heads of major UAE banks, to view 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 risks and combat terrorist financing.
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.
Abdul Hamid Muhammad Saeed Al-Ahmadi said: “The UAE Central Bank confirms its commitment to enhancing the monetary and financial stability of the country, through effective supervision, partnership with financial institutions, and the provision of a coherent financial infrastructure. The continued focus of banks on the main financial ratios, along with providing assistance to affected clients, was 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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