What feedback does the UAE FIU give to reporting entities on STR quality?
Since 2020 the UAE Financial Intelligence Unit has provided quarterly feedback to reporting entities, identifying common shortfalls and clarifying expectations. It also publishes trends and typology reports to raise awareness of financial crime typologies and best practice.
The FIU applies automated filtering criteria that validate submitted reports, and maintains ongoing communication with reporting entities so that clarifications and improvements can be made. It monitors reporting levels and communicates with supervisory authorities to address any deficiencies in reporting.
Given the UAE’s global interconnectedness, the FIU has also strengthened cooperation and information exchange with foreign FIUs, especially strategically important ones, using a risk-based approach to prioritise those relationships.
Legal Reference (source document):
· UAE Money Laundering and Terrorist Financing National Risk Assessment, 2nd NRA (2024)
· National Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organizations Committee
Scope note: FIU feedback is delivered to reporting entities through the goAML platform and through supervisory channels.
Further reading: How to report properly through goAML
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