Abu Dhabi: So far, more than 300,000 individuals, close to 10,000 small and medium enterprises (SMEs), and more than 1,500 private corporates benefited from the Central Bank of UAE’s (CBUAE) Targeted Economic Support Scheme (TESS) zero cost liquidity facility, according to a recent review by the CBUAE.
Abdulhamid M. Saeed Alahmadi, Governor of CBUAE conducted the quarterly meeting with CEOs of the largest banks operating in the UAE which took place on September 23, 2020 to discuss the continued preparedness of the banking sector to cope with the consequences of the Covid-19 pandemic, the systemic stability of banks and the importance of having robust controls to mitigate the risks of money laundering and financing of terrorism in the UAE.
The continuous focus of banks on key financial ratios coupled with the need to provide assistance to impacted customers was required to ensure systemic financial stability in the country
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The meeting reviewed the macro-economic situation in the country, with a particular focus on the UAE banking sector. Furthermore, the meeting shed light on the implementation of the TESS) and discussed the functioning of the relief measures and the importance of implementing policies and effective measures towards loan restructuring.
“The Central Bank of UAE reaffirms its commitment towards enhancing monetary and financial stability in the country through effective supervision, partnership with financial institutions and a sustained & robust financial infrastructure. The continuous focus of banks on key financial ratios coupled with the need to provide assistance to impacted customers was required to ensure systemic financial stability in the country,” said Alahmadi.
To mitigate the risk of financial crimes and safeguard the UAE’S financial system and its stability, banks are urged to put more efforts towards combatting money laundering and financing of terrorism. The banks CEOs were updated on the results of the sanctions screening testing where CBUAE has analyzed and stress tested sanctions screening systems of licensed financial institutions by the newly created Anti Money Laundering and Combatting the Financing of Terrorism (AML/CFT) unit at the Central Bank.
“CBUAE’s supervisory and regulatory initiatives are also focused on verifying UAE banks comply with their legal obligations under the UAE anti money laundering legislation to ensure the country’s commitment to applying the Financial Action Task Force (FATF) standards and its standing as a financial center of repute,” Alahmadi said.