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Overview
Money Laundering (ML) and Targeted Financial Sanctions (TFS) are two major risks that threaten economic growth and social stability through the illicit flow of funds and illegal activities. Banks and financial institutions are highly exposed to ML and TFS risks in their daily operations with customers and other associated parties.
Financial and Cyber Crime Prevention was established to lead ADGM’s efforts in promoting sound practices in financial crime compliance which include AML/CFT, and compliance with international tax reporting obligations (i.e. FATCA, CRS).
As an international financial centre, different sectors and businesses, products and services are vulnerable to these risks, too. Other Designated Non-Financial Businesses and Professions (DNFBPs) such as lawyers, accountants and auditors, company service providers, are also exposed to these risks in their business transactions.
Financial Services Regulatory Authority is the competent authority for AML/CFT compliance which is committed to develop a robust regulatory framework and provide a safe environment for FIs and DNFBPs to operate within.
Financial and Cyber Crime Prevention adopts the risk-based approach and considers financial innovation in its strategic plans and operational tasks to ensure it achieves the highest possible level of efficiency and effectiveness.
Financial & Cyber Crime Prevention Objectives
As part of its regulatory function, the FCCP team adopts an agile and risk-based approach, coupled with deployment of regulatory technologies and sharing of information, to strengthen its supervisory and compliance capabilities in a variety of ways.
Develop sound practices in AML/CFT/TFS compliance which aims to protect ADGM from ML, TF and PF risks
Contribute towards the National AML/CFT/TFS agenda at the Federal level
Monitor the domestic & international developments in the areas of Financial Crime and ensure there is in place a robust and effective financial crime prevention framework aligned with the best international practices and the UAE Federal Laws
Ensure that ADGM meets all its obligations in international tax reporting requirements
Raise awareness among ADGM community to ensure proper understanding of financial crime risks and international tax reporting obligations
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