UAE Government has implemented an effective Anti-Money Laundering System to protect its financial sector from potential Money Laundering offenses.
On 22 January 2002, the UAE enacted Federal Law No. 4/2002 regarding criminalization of Money Laundering.
The UAE is also a member of the Gulf Co-operation Council (GCC), which is a council of states located in Arabian Peninsula. The GCC is a member of the FATF & is committed to implement FATF prescriptions.
The Central Bank of the UAE has been among the first regulators in the region to address Anti-Money Laundering issues.
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Anti Money Laundering – Policy
The central theme of our Anti-Money Laundering Policy is focused on “Know Your Customer”. We strictly follow in letter and spirit the instructions and guidelines emanating from time to time from the Central Bank of the UAE, which has become part of the Bank’s Operation Manual. These regulations & instructions shall apply in all domestic branches and subsidiaries; CBD doesn’t have any overseas branches or subsidiaries; it will also apply individually to each staff member of Commercial Bank of Dubai and be complied with.
Commercial Bank of Dubai fully appreciates the potential reputational damage whether intentional or unintentional that would be caused to the Bank and therefore will not tolerate any involvement in money laundering activity. To ensure full compliance with Anti-Money Laundering laws, regulation, rules and guidance, it is not our Bank’s policy to continue relationship with customers or counter-parties, including other banks, whose conduct gives rise to serious concern of involvement in illegal activities.
The Bank shall seek to terminate any relationship that gives the Bank reasonable cause to believe or suspect on-going involvement with illegal activities. Any such termination shall follow reporting of the suspicion to the appropriate legal regulatory authorities and thereafter shall be undertaken in consultation with the relevant authorities and in accordance with market practice, to avoid any risk for the Bank committing a tipping-off offenses.
The Bank’s Compliance Officer shall have the overall responsibility at corporate level to ensure that the Bank adheres to all local regulatory policies and requirements. As per the requirement of UAE Central Bank, a Money Laundering Reporting Officer (MLRO) is appointed at the corporate level; additionally each branch has a designated Money Laundering Reporting Officer to ensure compliance of the policies and procedures. Each Head of Group / Division is responsible to fully implement and comply with the Bank’s Anti-Money Laundering policy and other related local guidelines, regulations and laws.
Commercial Bank of Dubai has a well-documented Anti-Money Laundering policy and procedures, which are updated periodically. We have also indigenously set up certain IT Procedures to check and control financial transactions at various tiers and continuously hold internal training sessions to keep the staff abreast of development on the subject.
WOLFSBERG AML CERTIFICATION
Consistent with industry best practice and the Wolfsberg Anti-Money Laundering (AML) Principles for Correspondent Banking, Commercial Bank of Dubai has completed The Wolfsberg AML Certification that is based on a questionnaire designed by the Wolfsberg Group to provide an overview of a financial institution's AML policies and practices.
The Wolfsberg Group consists of the elven international leading banks that aim to help unify efforts to develop a financial services industry standard for Know Your Customer, AML, and Counter Terrorist Financing policies.
View CBD Wolfsberg AML Certification
Please note that Commercial Bank of Dubai (PSC) is committed to comply with FATCA obligations and is registered on IRS website for FATCA compliance as LEAD FI OF AFFILIATED GROUP with following status: REGISTERED DEEMED-COMPLIANT FINANCIAL INSTITUTION (including a reporting financial institution under IGA MODEL 1B). Our Global Intermediary Identification Number (GIIN) is 0JUNKB.00000.LE.784. Further, completed and signed W-8BEN-E is also available under CBD profile with Bankers Almanac.
Under the direction of the UAE Government regarding Economic Cooperation and Development (OECD), many Participating Jurisdictions have committed to, and are establishing, a global standard for the Automatic Exchange of Financial Account Information based on the Common Reporting Standard (CRS) to obtain and exchange financial account information of overseas tax payers on an annual basis. Commercial Bank of Dubai, its subsidiaries and affiliates (the CBD Group) is committed to complying with its obligations under CRS as well as other tax compliance regimes, including the United States Foreign Account Tax Compliance Act (FATCA) provisions.
Like the Industry at large, CBD Group may be required to collect certain tax-related information and/or documents from clients in order to ensure compliance with CRS. In certain circumstances, the CBD Group will be required to report and share such information and/or documents with the Ministry of Finance through the applicable regulators (Central Bank of UAE for CBD Customers and through Security and Commodities Authority) in order to ensure its compliance with CRS and applicable enabling legislation.
CRS will commence from 1 January 2017, with the first exchange of information expected to be undertaken by UAE in September 2018. To learn more about CRS, including the status of jurisdictions’ commitment to participation in CRS, visit the OECD Automatic Exchange of Information portal or review the FAQs
Self - Certification Forms:
Masood Safar Abdulla
Chief Group Compliance Officer