ADGM publishes ‘Quick Guides’ for designated non-financial businesses, professions

Contributes to UAE’s commitment to combat financial crimes
ADGM publishes ‘Quick Guides’ for designated non-financial businesses, professions
ADGM (Photo Credit: WAM)

Abu Dhabi Global Market (ADGM) has published five ‘Quick Guides’ specifically designed for Designated Non-Financial Businesses and Professions (DNFBPs), in support of the UAE’s vision and commitment to combat financial crime, and as part of its strategic objectives. The guides are aimed at raising awareness and understanding of key AML/CFT and sanctions obligations among the DNFBP sector operating within the international financial centre of the UAE’s capital.

Read more: UAE’s ADGM saw record-breaking 35 percent growth in H1

The guides are crafted with a clear objective of assisting DNFBPs by providing an easy-to-read overview of key AML/CFT requirements covering five key topics as mentioned below:

  1. Know Your Customer (KYC)
  2. Customer Due Diligence (CDD)
  3. Customer Risk Assessment (CRA)
  4. AML/CFT Governance Frameworks
  5. Targeted Financial Sanctions (TFS)

In addition to providing an overview of specific requirements that apply to ADGM-registered DNFBPs, these guides will also assist DNFBPs in developing adequate systems and controls for combatting Money Laundering and Terrorism Financing (ML/TF).

Record-breaking growth

Abu Dhabi, the capital of the United Arab Emirates (UAEE), has continued to attract major global and regional players to its International Financial Centre (IFC), ADGM. A strong performance during the first half of 2023 (H1 2023) by ADGM has demonstrated significant growth across various aspects, setting a positive tone for the rest of the year and continuing its contribution to positioning Abu Dhabi as a leading financial powerhouse and a ‘falcon economy’.

Recent numbers showcase several investment firms and hedge funds setting up within ADGM; reaching a total of 102 asset managers operating in ADGM and managing 128 funds, contributing to Abu Dhabi’s leading position in the asset management sector. ADGM’s assets under management (AUM) highlighted a year-on-year record growth of 35 percent as of June 2023.

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