With ongoing and significant regulatory changes, the compliance function has become critical. With this in mind, UBF developed in 2017 an effective compliance framework within banks. The purpose of UBF’s framework is to outline the key components of AML and sanctions compliance and controls that are deemed necessary (by both local and international regulators, as applicable) while assessing the effectiveness of the compliance function of UAE-based banks. The fundamental standards applicable to this assessment are FATF (Financial Action Task Force) recommendations, Basel Committee standards, Wolfsberg Principles and local regulations issued by the UAE Central Bank.
The scope of assessment includes:
Governance framework and management oversight (resourcing)
AML and sanctions compliance risk assessment framework
Monitoring and surveillance
Assurance and independent verification (enterprise-wide risk management framework)
Training and awareness
The purpose of UBF compliance framework is to outline the key components of aml & sanctions compliance and controls