CBUAE issues new guidance on politically exposed persons risk management — licensed financial institutions
The Central Bank of the UAE (CBUAE) has issued updated guidance for licensed financial institutions on managing risks associated with politically exposed persons (PEPs). The guidance applies to all banks, investment firms, and other CBUAE-regulated entities conducting customer due diligence and ongoing monitoring.
The analysis — automated & source-checked
- Applies to
- Financial services · UAE
- What to do
- Review and update your PEP identification, assessment, and monitoring procedures to align with CBUAE guidance. Ensure compliance and staff training are completed within 90 days.
Source
“Financial institutions must review their PEP policies and procedures against the new guidance and implement any required changes within 90 days of publication.”
— Central Bank of UAE, 1 Jan 2022
Source: Central Bank of UAE — official 1 Jan 2022 Read the original ↗ More from Central Bank of UAE →
Quick answers
What do I need to do?
Review and update your PEP identification, assessment, and monitoring procedures to align with CBUAE guidance. Ensure compliance and staff training are completed within 90 days.
Who issued this?
Central Bank of UAE (UAE).
When was it announced?
1 Jan 2022.
Where can I read the original?
Read the original at Central Bank of UAE: https://www.centralbank.ae/en/news-and-publications/news-and-insights/press-release/cbuae-issues-new-guidance-for-licensed-financial-institutions-on-risks-related-to-politically-exposed-persons/
Subscribe — free
Get the next change before it's a deadline
The whole front, every morning. Free.