Commercial Bank of Dubai is regulated by the Central Bank of the United Arab Emirates and is listed on the Dubai Financial Market (symbol: CBD).
Commercial Bank of Dubai is committed to combating money laundering and terrorist financing and complying fully with all applicable Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) laws, regulations and standards in the jurisdictions in which it does business.
Accordingly, Commercial Bank of Dubai takes all reasonable and appropriate steps to prevent persons engaged in money laundering or the financing of terrorists or terrorist operations, from utilising Commercial Bank of Dubai’s products and services.
Commercial Bank of Dubai has also prepared an AML Questionnaire, based on Wolfsberg’s, for use by any financial institution that requires more detailed information about Commercial Bank of Dubai’s AML/CFT compliance program. Please click below to view/print the questionnaire.
View CBD Wolfsberg AML Questionnaire
Commercial Bank of Dubai's AML/CFT and Sanctions program includes but is not limited to:
- Designation of a Chief Compliance Officer to oversee Commercial Bank of Dubai’s Anti-Money Laundering and Combating the Financing of Terrorism efforts;
- Risk Assessment;
- AML/CFT and Sanctions policies, procedures, internal controls and systems;
- A risk-based Customer Identification and Verification ("ID&V") program that includes identification of Beneficial Owners, understanding the nature and purpose of the relationship, enhanced due diligence of Customers that present higher risk such as Politically Exposed Person (PEPs) and On-going monitoring of its Customers’ activity to identify and report suspicious activity;
- A Sanctions framework of screening systems and controls to ensure compliance with all applicable sanctions laws and regulations. This includes, but is not limited to screening of Customers, Connected Parties and transactions against the designated sanctions lists administered by bodies such as the United Nations Security Council ("UNSC"), the Central Bank of the UAE ("CBUAE"), the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), the European Union ("EU") and Her Majesty’s Treasury Office of Financial Sanctions Implementation ("OFSI");
- Processes and systems to monitor customer transactions and identify suspicious or unusual activity;
- Reporting and record keeping requirements;
- Training, and
- Independent Testing.
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 signednadia 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: