Compliance Officers Urged For Money Exchangers In UAE

by Lorys Charalambous, Tax-News.com, Cyprus

15 February 2002

Speaking at a seminar entitled 'Spotting Suspicious Transactions' this week Abdulrahim Mohammed Al Awadi, the Senior Anti-Money Laundering Manager at the UAE Central Bank urged money exchanges to nominate a compliance officer from their organisation as a matter of some urgency, in accordance with recently enacted directives.

'We draw the attention of money changers concerning the requirement to advise the Central Bank of the nomination of a compliance officer in each money changer under Notice 2402/2001,' he explained.

Mr Al Awadi also stressed the necessity for anti-money laundering standards in the United Arab Emirates to be of an equivalent standard to those of the international community, and to this end reminded representatives from the region's money exchange houses of the need to record all transactions over Dh2,000. He promised the financial services firms that the Central Bank would offer all necessary support:

'The anti-money laundering suspicious cases unit encourages financial institutions to contact us, particularly if financial institutions require assistance or training,' he said.

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