UAE Central Bank amends anti-money laundering regulation

ABU DHABI / WAM

The UAE Central Bank issued a resolution, amending its Circular No. 24/2000 on Regulation concerning Procedures for Anti-Money Laundering and its amendments.
According to Article One of the resolution, the texts of paragraph (3-1) of Article (3), Article (4) and paragraph (a) of Article (19) of Circular No. 24/2000 – Regulation concerning Procedures for Anti-Money Laundering shall be replaced with the following texts: When opening an account, the bank should ensure obtaining all information and necessary documents which include: the full name of the account holder, the current address and place of work as well as the physical checking of the UAE ID card or the passport and keeping a copy thereof initialled by the account opening officer under a “true copy of the original.”
It is strictly prohibited to open accounts with assumed names or numbers. The bank should always rely on the account holder’s name as in the UAE ID card or the passport (short form may be used) or the trade licence in case of juridical persons, reads Article (4).
A copy of the UAE ID card or the passport in the case of transactions by individuals initialled by the concerned employee under “a true copy of the original,” says Para (a) of Article (19).