The Capital Market Authority (CMA) has taken a number of steps to combat money-laundering and terror-financing within the broader umbrella of the National Committee for Combating Money Laundering and Financing Terrorism (AML-CFT).
According to Majed Mohammed al Kiyumi, Director of the Anti-Money Laundering and Combating Financing Terrorism Department, Royal Decree 30/2016 promulgating the AML-CFT law, mandates all regulated entities to apply electronic payment methods as well as circulate reporting forms for suspected transactions issued by the National Centre for Financial Information as part of efforts to curb suspected money laundering or terror-financing.
In support of awareness efforts for the benefit of compliance officers of financial and insurance company, the Department organised eight workshops on the risk based approach, enhanced due diligence, suspected transactions and reporting method in addition to a workshop on the AML-CFT Law, targeted financial sanctions, cross border customers, financial payments as well as using social media platforms to spread awareness on such crimes and their economic and social impact.
Additionally, the Department analyzed the data related to 81 companies and prepared risk matrix to identify the companies exposed to high risk and developed an audit and examination plan based on the outcome of the analysis whereby a comprehensive audit was carried out for 13 companies, thematic audit for four companies and held meetings with 8 companies and issued compliance orders for 9 companies after the conclusion of the audit and examination process.
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