UAE - Central Bank launches a platform to report suspicious transactions
Monday, 06 24 2019, Category: Banking, Country: U.A.E
The Central Bank launched the new reporting program (GOAML), the first electronic platform at the Gulf level, to facilitate the reporting of suspicious transactions, in collaboration with the United Nations Office on Drugs and Crime.
The bank said that this comes at the initiative of the UAE as part of its efforts to develop and modernize its financial structure and address money laundering attempts and combating terrorism financing, stressing that registration at the podium is mandatory and its failure requires legal procedures and fines. The number of target parties exceeds 800 institutions and financial institutions, while the actual operation of the platform will start on June 27.
The Deputy Governor of the Central Bank, Saif Bin Hadaf Al Shamsi, said that the UAE has sought to change the current system of reporting suspicious cases, on an individual initiative and within its adopted international best practices.
He stressed that cooperation with the United Nations Office did not mean the sharing of suspicious data, information and reports, as it was purely domestic, unrelated to anyone.
He pointed out that all countries of the world cooperate with each other, and with the United Nations, to fight illegal activities, pointing out that the platform since its establishment and registration and then run later, is a true right of the UAE, not shared by anyone.
Source: Teller Report