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16.3 AML/CFT Policies and Procedures

N 35/2018 STA
  1. 16.3.1The Licensed Person must introduce a comprehensive and documented AML/CFT Policy, based on its ML/FT risk assessment in accordance with Paragraph 16.2 of this Chapter, which must be the foundation of its compliance function;
  2. 16.3.2The AML/CFT Policy must clearly define the roles and responsibilities of the Manager in Charge, Compliance Officers, Compliance Committee and employees in relation to AML/CFT compliance. The AML/CFT Policy must also provide for regular and timely reporting to the Board of Directors (or to the Owner/Partners where there is no Board of Directors) regarding ML/FT risks and the culture/values to be adopted within the business of the Licensed Person to prevent money laundering, terrorist financing and related crimes;
  3. 16.3.3The AML/CFT Policy must affirm the roles and responsibilities of the Board of Directors (if any) and of the Owner/Partners/Shareholders in relation to implementing a robust compliance program across the business of the Licensed Person;
  4. 16.3.4Effective AML/CFT Procedures must also be implemented for employees to follow while they carry out their day to day responsibilities in order to ensure that ML/FT risks are mitigated in the day to day operations of the Licensed Person;
  5. 16.3.5The AML/CFT Policy and Procedures must be based on the UAE’s existing AML/CFT Laws, Regulations, Notices and the Standards as well as international best practices and guidance notes from the FATF, MENAFATF, EGMONT Group and other similar bodies;
  6. 16.3.6The AML/CFT Policy and Procedures must be approved by the Manager in Charge, the Compliance Officer and by the Board of Directors (or by the Owner/Partners where there is no Board of Directors);
  7. 16.3.7The AML/CFT Policy and Procedures must be reviewed and updated, annually at a minimum, to make it consistent with all applicable Laws, Regulations, Notices, the Standards and other international best practices and to make it effective in mitigating the existing as well as emerging ML/FT risks;
  8. 16.3.8Copies of the AML/CFT Policy and Procedures must be held in all licensed premises and must be accessible to all employees at all times; and
  9. 16.3.9The AML/CFT Policy and Procedures must be circulated among all employees upon the completion of periodical reviews.