CMA organises workshop on suspicious transactions

Within the endeavours to enhance anti-money laundering and combating financing terrorism efforts, the Capital Market Authority (CMA) organised, in collaboration with the National Centre for Financial Information, a virtual workshop on suspicious transactions via Zoom.

Lt Saif al Khatri from the National Centre for Financial Information and Majed al Kiyoumi, director of Anti-Money Laundering and Financing Terrorism Department of the Capital Market Authority presented the workshop which was attended by representatives of the companies operating in the capital market sector and insurance sector. The workshop reviewed the reporting forms of suspicious transactions in the capital and insurance sectors, reporting mechanisms of suspicious transactions and the information required to be provided and sent to the National Centre for Financial Information for being the entity responsible for receiving the reports.

Kiyoumi talked about the instructions issued by the Capital Market Authority for the companies as well as the circulars regulating monetary transactions in the sectors.

He emphasised the importance of compliance with the requirements as per the CMA’s instructions as to putting in place anti-money laundering and combating terrorism policies and measures in every company in addition to risk assessment reports related to anti-money laundering and combating financing terrorism and each company must assume its role in spreading awareness in this regard.

The CMA has recently established a new department in the name Anti-Money Laundering and Terrorism Financing Department as a regulator tasked with providing safe investment environment for the institutions operating in the capital market and insurance sectors.

This is further to its role in anti-money laundering and combating financing terrorism through issuance of regulations, surveillance, audit and disseminating awareness among the entities regulated by the CMA as part of the efforts of the government entities and units in encountering money laundering and financing terrorism based on the Anti-Money Laundering and Combating Financing Terrorism Law promulgated by Royal Decree No 30/2016.