https://thelawreporters.com/uae-central-bank-unveils-suptech-initiative-against-money-laundering/
The Central Bank of the UAE (CBUAE) is set to launch a pioneering Supervisory Technology (SupTech) initiative aimed at effectively combating money laundering operations. This initiative marks a significant advancement in the region's approach to financial crime prevention.
Khaled Mohamed Balama, Governor of the CBUAE, emphasized that SupTech will facilitate early detection and warnings of potential risks through data assessment processes, allowing authorities to gauge their exposure to money laundering activities.
During the recent National Summit on Financial Crime Compliance, Balama reiterated the UAE’s commitment to maintaining the integrity of the global financial system. He outlined strategic measures taken by the CBUAE to strengthen the legal and regulatory framework, enabling authorities to adapt to the evolving risk landscape.
The two-day summit brought together local and international experts, regulatory bodies, and law enforcement officials. Approximately 45 speakers discussed critical topics related to financial crime compliance, including Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT).
Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection, and a member of the National Anti-Money Laundering Committee, noted that the CBUAE has intensified efforts to enhance cooperation with the international community in combating money laundering and terrorism financing. The bank is adopting a technology-driven approach to improve its control and supervision processes.
The first day of the summit addressed the national and regional strategies for managing financial crime risks, focusing on transforming threats into opportunities, as well as mitigating risks related to proliferation financing and trade-based money laundering. Participants included representatives from various regulatory bodies and local banks.
The second day concentrated on the integration of artificial intelligence (AI) in anti-money laundering efforts, highlighting the role of law enforcement agencies in meeting the Financial Action Task Force’s (FATF) Immediate Outcomes 6, 7, and 8. Sessions discussed the critical role of AI in enhancing financial crime detection while underscoring the importance of human resources in interpreting AI results and making informed decisions.
Discussions also covered the advantages of AI in crime detection and its adaptability in risk assessment, alongside concerns regarding data management, protection, and the need for stringent security measures to proactively identify and mitigate potential vulnerabilities.
