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Abu Dhabi Global Market strengthens regulatory supervision with enhanced Anti-money Laundering Regime
ADGM FSRA: 15 April 2019
- The revisions align with international and UAE Federal standards in the area of anti-money laundering (AML) and counter terrorism financing (CTF).
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced today that it has enacted and published changes to the ADGM’s regulatory framework for combatting money laundering, the financing of terrorism and proliferation, and the financing of unlawful organisations (ADGM AML Regime).
The enhancements follow a period of public consultation, where the proposed enhancements received supportive public feedback.
As an international financial centre and financial regulator, ADGM places great importance and efforts on maintaining a robust regulatory framework applicable to financial institutions and other relevant firms. The ADGM AML Regime is designed to fulfil and augment the ongoing efforts of the UAE in combatting financial crimes. The enhancements align the ADGM AML Regime with the UAE’s recently revised Federal anti-money laundering legislation and with the international standards set by the Financial Action Task Force (FATF).
Under the enhanced ADGM AML Regime, Relevant Persons, including ‘designated non-financial businesses and professions’ who operate in ADGM will be required to be registered under the ADGM AML regime and comply with the obligations under this framework within the next 12 months.
Richard Teng, CEO of Financial Services Regulatory Authority of ADGM said, “These amendments reflect ADGM’s continuous commitment as an international financial centre, to provide a safe regulatory environment and adopt a stringent and effective financial crime prevention supervisory framework, which supports the UAE’s efforts to combat money laundering and terrorist financing activities. ADGM is working closely with UAE federal authorities to ensure proper readiness for FATF’s upcoming mutual evaluation assessment, and our dedicated team is working on various initiatives to enhance the level of compliance and awareness of financial crime risks”.
For more details on the enhanced requirements of the ADGM AML Regime, please click HERE.
In 2017, ADGM established the Financial Crime Prevention Unit (FCPU) to promote sound practices in financial crime prevention, including AML/CFT as well as compliance with international tax reporting obligations. For more information on the ADGM’s AML/CTF regime, please click HERE.
About Abu Dhabi Global Market
Abu Dhabi Global Market (ADGM), an international financial centre (IFC) located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region.*
For more details of ADGM, please visit www.adgm.com or follow us on Twitter: @adglobalmarket and Linkedin: ADGM
* Source : The Global Investor Middle East and North Africa (MENA) Awards
Rawand AlQadi
Rawand.alqadi@adgm.com
Tel: +0561779653