The Securities and Commodities Authority (SCA) forced UAE-based securities and commodities brokerage companies to work on activatingelectronic connection with the Anti-Money Laundering and Suspicious Cases Unit of the Central Bank of the UAE (CBUAE).
The purpose of this move is to take advantage of the technical system of the Anti-Money Laundering and Suspicious Cases Unit, which is characterized with the highest levels of security and secrecy and instant electronic reporting of any transactions or cases that may constitute money laundering crimes or terrorism financing in the country.
H.E. Maryam Al Suwaidi, Deputy CEO for Licensing, Supervision, and Enforcement, said that this procedure constitutes the first phase of SCA’s plan to connect all SCA-licensed companies with the CBUAE’s Anti-Money Laundering and Suspicious Cases Unit in accordance with the international standards and directives given in this regard, thus promoting the country’s competitiveness, which in turn has positive implications for the attractiveness of the investment environment and foreign and institutional investment rates.
Al Suwaidi noted that activating electronic connection between brokerage companies and the Anti-Money Laundering and Suspicious Cases Unit is part of other efforts made by SCA to promote anti-money laundering and terrorism financing procedures being a major partner of CBUAE. Moreover, the procedure is consistent with international standards, specifically the Financial Action Task Force (FATF) requirements, and promotes electronic transformation in accordance with the directives of the wise leadership.