UAE central bank AML unit and ADGM's FSRA sign AML/CFT cooperation MOU
The Central Bank of the UAE's Anti-Money Laundering and Suspicious Cases Unit and the FSRA of Abu Dhabi Global Market have signed a memorandum of understanding to cooperate on AML/CFT. The agreement commits both to regular discussions and coordinated training. For firms operating in ADGM, it signals tighter domestic coordination between the free-zone regulator and the federal AML authority.
- The AMLSCU at the Central Bank of the UAE and the FSRA of ADGM signed an AML/CFT cooperation MOU on 2 May 2016.
- Both parties committed to regular discussions on issues of mutual interest and to coordinating AML/CFT training and technical assistance.
- The FSRA regulates financial institutions and DNFBPs in ADGM for compliance with UAE AML/CFT laws and ADGM AML/CFT regulations and rules.
- The MOU was signed by Abdulrahim Mohammed Al Awadhi of the AMLSCU and Richard Teng, Chief Executive Officer of the FSRA.