AMLSCU, FSRA sign MoU to combat money laundering

ABU DHABI / WAM

The Anti-Money Laundering and Suspicious Cases Unit (AMLSCU) at the Central Bank of the UAE and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), signed a Memorandum of Understanding (MoU) to cooperate on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) and related matters.
Both parties are committed to continuing their close cooperation through regular discussions on issues of mutual interest and coordinating AML/CFT training and technical assistance. The MoU was signed by Abdulrahim Mohammed Al Awadhi, Executive Director of Anti-Money Laundering and Suspicious Cases Unit, Central Bank of the UAE and Richard Teng, Chief Executive Officer of ADGM’s FSRA.
The FSRA is responsible for regulating financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs) operating in ADGM to assure that they comply with the UAE AML/CFT Laws as well as ADGM AML/CFT regulations and rules.
“Signing of the MOU demonstrates the commitment of AMLSCU to share expertise and experience with its key domestic partners to coordinate the efforts on encountering money laundering, combating terrorist financing and related crimes, thereby strengthening the UAE AML/CFT framework and countering reputational risks,” said Abdulrahim Mohammed Al Awadhi, Executive Director of AMLSCU.
“At ADGM, we are committed to upholding a robust regulatory framework and to working closely with the Central Bank of the UAE and other international regulators to combat money laundering and other financial transgressions. Close cooperation amongst fellow regulators are crucial as the world places a greater focus on preventing money laundering and terrorism financing,” said Richard Teng, Chief Executive Officer of the FSRA.
The commitment to mutual respect and collaboration has strengthened the partnership between AMLSCU and FSRA.