SCA issues new guidelines on combating money laundering, terrorism and illegal organisations.

12-05-2019 Media in\ Abu Dhabi
The Board of Directors of the Securities and Commodities Authority (SCA) issued a resolution on the procedures of combating money laundering, combating terrorism and illegal organizations, based on the package of laws, regulations and executive regulations issued by the Council of Ministers in this regard during the last period.

The resolution, which came into force immediately after its issuance, consists of 8 articles, the first of which includes tariffs, including the financial institution that will be subject to the decision, which is the licensed or approved by the Securities and Commodities Authority and engaged in one or more financial transactions.

Article 2 of the resolution stipulates that the financial institution and its concerned parties shall comply with the provisions contained in the Legislative Decree and Regulations, instructions, and circulars issued by the Commission relating to the implementation of the Decree-Law and the Regulations.

Article 3 of the resolution affirmed that the Authority has the right to inspect periodically or unexpectedly, without prior notice to the financial institution, with a view to ascertaining the extent of its compliance with the Legislative Decree and bylaws  ins, tructions and circulars issued by the Commission. The Authority may request all information and documents that it deems necessary for the purpose of monitoring and verification from the financial institution or its employees.

Without prejudice to any of the sanctions or measures contained in any other legislation, the Authority may sign any of the administrative sanctions specified in the Decree-Law on Countering Money Laundering, Combating the Financing of Terrorism and Illicit Associations. The concerned parties may appeal to the Commission against the decision on the violation. In this regard, the new decision will cancel the decision of the Chairman of the Board of Directors No. 17 of 2010 on the procedures for countering money laundering and terrorist financing and its amendments.