Annual Skilled Persons Reviews on AML programs of Licensed Financial Institutions in UAE

The Central Bank of UAE, vide Notice No. CBUAE/BIS/2023/1532 has announced the implementation of the Annual Skilled Persons Reviews program as part of CBUAE’s supervisory strategy. The Annual Skilled Persons Review covers the review of Financial Crime Compliance programs implemented by Licensed Financial Institutions in the UAE, i.e., their anti-money laundering, combating the financing of terrorism (AML/CFT) frameworks, including policy for combating proliferation financing and implementing Targeted Financial Sanctions.

The Notice mandates all the LFIs operating in UAE to appoint a professional services firm for this review. This appointment of the professional services firm to conduct the Annual Skilled Person Review must be notified to the CBUAE by 10th May 2023.

Here is an infographic highlighting the critical element of this Annual Skilled Persons Review – who shall get their AML program reviewed, who can be appointed as a Reviewer and what shall be the scope of the review.

AML UAE is a leading AML Compliance Service Provider, offering comprehensive AML support – from designing the AML/CFT policies and procedures, assisting in implementing the same, imparting AML Training to the team, etc.