The Central Bank of the United Arab Emirates has issued important warnings as part of its ongoing efforts to confront trends and developments related to money laundering and terrorist financing and emerging risk patterns in the financial sector in light of the COVID-19 pandemic.
The Central Bank of the United Arab Emirates issued the report "Risk Patterns in the Financial Sector", which was prepared by the Subcommittee on Regulatory Agencies and chaired by the Central Bank and includes the Abu Dhabi Global Market, the Dubai Financial Services Authority, the Executive Office for Combating Money Laundering and the Financing of Terrorism, and the Financial Information Unit .
The report seeks to identify emerging risks in the financial sector and raise awareness about them, with the aim of enabling relevant regulatory bodies and financial institutions to prepare to address these risks in a timely manner.
The report revealed the most common risks among financial institutions and the best practices used to confront them, as a group of financial institutions were selected on an experimental basis to determine the exceptional risks prevailing in the sector, which were exacerbated by the Covid-19 pandemic.
The risk patterns identified in the report include money laundering, terrorist financing, fraud, bribery, corruption, charitable and disaster fraud, cyber attacks and external fraud caused by the COVID-19 pandemic.