Core Financial Markets Ltd. Anti Money Laundering

United Arab Emirates is a member of the Gulf Cooperation Council, who in turn is a member of the Financial Action Task Force (FATF) on Money Laundering and Terrorism Financing.

UAE’s commitment in fighting Money Laundering & Terrorism Financing is evident from the fact that clear and wide-ranging laws & regulations (Federal Law No. 20 of 2018 and Cabinet Decision No 10 of 2019) are in place. The Central Bank of UAE which is the regulator for all banks operating in UAE has also issued regulations on guidance for Anti Money Laundering (Notice No. 74/2019).

Core markets Compliance&AML policies are designed to ensure compliance to requirements and obligations set out in local & applicable international regulations as well as FATF recommendations on AML & CTF.

Core Financial Markets Ltd. Policies &Principles

Core Financial Markets Ltd. Compliance&AML Team owns and isresponsible for the following policies;

  • Anti-Money Laundering/Counter-Terrorist Financing
  • Sanctions Compliance
  • Targeted Financial Sanctions (TFS)
  • CRS (Common Reporting Standard)

Anti-Money Laundering Policy

Core Financial Markets Ltd. AML Policy sets out the minimum standards which must be complied with across:

Sanctions Compliance Policy

Fiscal’s Sanctions Compliance Policy is designed to ensure that the Bank complies with applicable economic sanctions laws in every jurisdiction with which it may operate/trade. :

Targeted Financial Sanctions (TFS)

To ensure that the Fiscal complies with applicable Targeted Financial Sanctions :

CRS Common Reporting Standard

In line with international efforts to Combat Tax Evasion, the UAE Government along with over 100 countries have committed to the Organization for Economic Co-operation and Development (OECD) for Automatic Exchange of Financial Information (AEOI) in Tax Matters. CRS regime mainly targets persons and entities whose major assets / income are kept outside their country of tax residency. :