CMA IMPARTS SKILLS TO COMBAT MONEY LAUNDERING

STRENGTHENING VIGILANCE: Second AML/ CFT workshop for capital market and insurance sector institutions on the theme, ‘Customers, Cross Border Payments and Financial Sanctions’

BUSINESS REPORTER

The Capital Market Authority (CMA), in collaboration with the International Compliance Institute, organised a workshop on the theme, ‘Customers, Cross Border Payments and Targeted Financial Sanctions’ for compliance officers of companies operating in the field of securities and insurance.

The workshop acquainted the participants with the description of the types of customers and cross border payments and how to identify their risks as well as the challenges of the sanctions systems and best practices to deal with. The event summarised the main issues related to sanctions such as examining the sanctions, managing the alerts, samples of evasion of sanctions beside identification of the obligations of the companies in managing such risks.

The workshop was held as part of CMA’S endeavours to increase the awareness of the financial institutions of the targeted financial sanctions to comply with the regulation to implement the resolutions of the UN’S Security Council on prevention and suppression of terrorism and its financing and the prevention and suppression and disruption of proliferation of weapons of mass destruction and its financing issued by the National Committee for Combating Terrorism under Decision 1/2021.