UAE central bank issues guidance on politically exposed persons

Measures build on AML/CFT requirements following FATF greylisting in March

Central Bank of the UAE
Central Bank of the UAE
Photo: Achilver/Wikimedia Commons

The Central Bank of the UAE on August 2 issued new guidelines for licensed financial institutions on politically exposed persons (PEPs), as part of efforts to tighten money laundering oversight in its jurisdiction.

Institutions must conduct additional mandatory due diligence on PEPs, their direct family members and close associates, the central bank said.

The risk of financial crime is higher due to PEPs’ ability to access and direct public funds, determine the outcome of procurement decisions

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