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Thursday 13 June 2024


Thursday 13 June 2024

The CBUAE issues its 2023 Annual Report

Press Release

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Compliance

An independent second line of defense that falls within the umbrella of Risk Management Department. The Compliance function is responsible for assisting Management in effectively managing compliance risks faced by the Central Bank of the UAE. Its specific responsibilities are the following:

- Positively impacting employee knowledge and behaviour through compliance and ethics training and awareness campaigns including mandatory trainings such as Code of Conduct.

- Being the point of contact for all CBUAE employees on issues relating to conflict of interest and ethics and integrity and non-compliance with laws and regulations.

- Conducting compliance periodic risk assessments.

- Conducting planned and ad-hoc evaluations for the design and operational effectiveness of compliance controls.

- Liaise with other governmental bodies, regulators, international organisations and external parties on matters related to compliance.

- Operating CBUAE’s Whistleblower Programme and investigating potential compliance violations.

CBUAE Financial Crime Compliance Programme

The CBUAE is committed to the highest standards of Anti Money Laundering/Counter Terrorist Financing (AML/CTF) and Anti Bribery/ Corruption practices, and is obliged to comply with international sanctions, ensuring transparency in all of its business activities.

The CBUAE regulates the banking and financial sectors in the UAE. It has zero tolerance for actions and activities that knowingly and/or intentionally breach AML/CTF, sanctions or Anti Bribery and Corruption laws and regulations.

The CBUAE has developed and implemented a comprehensive Financial Crime Compliance programme to help protect the Banks and Licensed Financial Institutions from the risks of money laundering, terrorist financing and other financial crimes.

The foundation of the CBUAE’s Financial Crime Compliance programme is its AML/CTF, Sanctions and AB&C policies. These provide a globally-consistent framework of systems, products, processes and controls to identify and mitigate financial crime risks, and to comply with applicable laws & regulations.

The CBUAE endeavours to strengthen its financial crime control environment continuously by investing in its employees and processes, and deploying industry-leading technology and reviewing developments and changes periodically that cross the CBUAE’s institutional boundaries.

CBUAE Anti-Bribery and Corruption (AB&C) Policy Statement

The CBUAE is committed to monitoring and supervising financial institutions in accordance with the highest ethical standards, and in full compliance with all UAE applicable anti-bribery and corruption laws and regulations, in addition to the Foreign Corrupt Practices Act (FCPA) and UK Bribery Act.

The CBUAE AB&C Policy applies to all activities and operations across all departments, irrespective of their operations, including CBUAE’s second- and third-party employees. The CBUAE has zero tolerance towards bribery and corruption, and prohibits them in any form, directly and indirectly.


CBUAE AB&C Programme

Key components of the Programme include:

 

- Oversight, governance and escalation

- Risk assessment process communication and training

- Review and pre-approval processes

- Due diligence on third-party relationships

- Confidential reporting, financial controls and record-keeping

- Independent testing processes.

 

The CBUAE’s AB&C Policy also encompasses the following overarching key principles:

Gifts, Hospitality and Facilitation Payments

The CBUAE strictly prohibits any form of bribery (payment, offer or promise to pay or provide anything of value), gifts and hospitality, facilitation payments and payments to government to secure or expedite the performance of a routine action, or otherwise induce public officials or third parties to perform routine functions that they are otherwise obliged to perform, in order to secure an improper advantage.

Public Officials

It is strictly prohibited to interact with a public official, including their representatives or agents, with the intention of influencing actions taken within their official function, or securing any such improper advantages.

Employment/Internships

Employment opportunities, whether permanent or temporary in nature, and internships (whether paid or unpaid) must be merit-based, fair and in line with the hiring standards applied for all employees. They must not be used as an inducement to anyone to act improperly for obtaining or retaining an advantage in business.

Associated Persons and Third Parties

Associated persons and third parties engaged to represent the CBUAE’s interests must comply with the principles set out in the CBUAE AB&C Policy. The CBUAE mandates the appropriate level of due diligence on all such associated persons and third parties, and the application of suitable contractual terms and governance to reduce bribery and corruption risks.

Code of Conduct

CBUAE’s mandate to enhance the monetary and financial stability of the UAE relies on its reputation – a critical element of any respected institution.

 

Ethical conduct is a cornerstone of CBUAE’s foundations. All CBUAE employees are expected to demonstrate the highest ethical and moral standards in fulfilling their work responsibilities, based on integrity, honesty and always “doing the right thing”. These aspects apply outside work too – all CBUAE employees are effectively ambassadors for the CBUAE’s mission, reputation and operating principles – where the actions, comments and views of CBUAE can build (or damage) its good name, built up over years of careful hard work.

 

The core CBUAE values of being pro-active, talent-centric and transparent act as a cultural foundation, driving the best behaviour amongst CBUAE employees - and its contractors.

 

Let us continue to represent the CBUAE and our nation’s values with pride, honour, respect and consideration.

CBUAE Code Of Conduct

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