Latest news with #goAML
Libyan Express
05-05-2025
- Business
- Libyan Express
Libya's central bank implements electronic system to combat financial crime
Libya adopts high-tech approach to combat laundering Libya's Central Bank has announced the deployment of a new electronic system designed to strengthen the country's fight against financial crimes. The Financial Information Unit (FIU) has launched the goAML platform, which allows financial institutions to securely submit suspicious transaction reports electronically. According to the Central Bank, this implementation aligns with international standards established by the Financial Action Task Force (FATF) and represents a significant step in Libya's ongoing efforts to combat money laundering and terrorist financing. The new system, developed and maintained by the United Nations Office on Drugs and Crime (UNODC), is expected to improve reporting efficiency, enhance coordination between law enforcement agencies and the Public Prosecution, and establish more effective information exchange mechanisms. Commercial banks have already begun registering reporting officers and accessing the system as they prepare for full integration into their daily monitoring operations. The goAML system is specifically designed to assist Financial Intelligence Units worldwide in their anti-money laundering and counter-terrorist financing efforts, supporting Libya's commitment to enhancing its financial security framework in accordance with global best practices. The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express. How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@ Please include 'Op-Ed' in the subject line.
Iraqi News
31-03-2025
- Business
- Iraqi News
Al-Rafidain Bank Director-General: Financial Technology Will Shape Iraq's Banking Sector
Baghdad – INA The Director General of Rafidain Bank, Ali Al-Fatlawi, emphasized that the bank has undergone a significant transformation in recent years, positioning itself as a cornerstone of Iraq's modern banking sector through the adoption of financial technology, the promotion of financial inclusion, and adherence to international standards of integrity and compliance. A Holistic Vision for Success Speaking to the Iraqi News Agency (INA), Al-Fatlawi stated, 'Success is not merely the result of administrative decisions, but rather a comprehensive vision based on investing in human capital, forging strategic partnerships, and enhancing banking services in line with the latest global standards.' Investing in Human Capital: The Key to Growth Al-Fatlawi stressed that no financial institution can achieve sustainable success without a skilled workforce. 'Developing our employees has been a top priority, with substantial budgets allocated for training. We have sent staff to educational programs both inside and outside Iraq and partnered with the American University of Baghdad to deliver advanced programs in banking management, financial risk, and compliance.' Strengthening Financial Integrity and Compliance Al-Fatlawi highlighted the bank's commitment to financial integrity, stating that it has adopted advanced anti-money laundering and counter-terrorism financing systems, including the UN-backed goAML (Anti-Money-Laundering System). Additionally, Rafidain Bank has collaborated with global firm K2 to enhance compliance frameworks. 'These steps have strengthened our credibility with international regulatory and banking institutions and improved our position in the financial market,' he said. Financial Inclusion for a More Stable Economy He underscored the importance of financial inclusion, describing it as an economic necessity rather than an option. 'We have launched a dedicated team to develop banking initiatives and played a key role in streamlining electronic payment revenues for most government institutions, reducing cash dependency. We also introduced digital payment services that enable employees and retirees to access their entitlements seamlessly.' Financial Technology: The Future of Rafidain Bank Al-Fatlawi announced the launch of ATM services for the first time, alongside a new savings card that allows customers to invest their funds efficiently. 'We are also in the process of introducing credit cards, facilitating financial transactions both inside and outside Iraq, positioning Rafidain Bank among digitally advanced institutions,' he confirmed Strategic Partnerships to Enhance Banking Capabilities He pointed to partnerships with global entities such as Ernst & Young (EY) for banking governance development and K2 for financial compliance. 'These collaborations have boosted our operational efficiency and aligned us more closely with international banking standards.' A More Advanced Banking Future Al-Fatlawi concluded that Rafidain Bank is entering a new phase of development and influence within Iraq's financial sector. 'With the continued rollout of digital services, the expansion of financial inclusion, and the strengthening of global partnerships, we aspire to make Rafidain Bank a model for banking excellence in Iraq and the region,'he further noted.
Khaleej Times
27-03-2025
- Business
- Khaleej Times
UAE authority revokes Emirates Advocates' licence for not following anti-money laundering rules
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has withdrawn the registration of Emirates Advocates as a Designated Non-Financial Business or Profession (DNFBP) for not adhering to its regulations. The regulator said that DNFBP failed to comply with certain requirements of the FSRA's Anti-Money Laundering and Sanctions Rules and Guidance Rulebook. It added that Emirates Advocates registration was withdrawn because it failed to comply with AML Rules 'for a significant period and had not rectified such failures". In addition, the company failed to implement and maintain policies, procedures, systems and controls that were adequate to ensure compliance with certain requirements in the AML Rules. 'The FSRA is steadfast in its support of the UAE's commitment to prevent money laundering and the financing of terrorism. Compliance by DNFBPs with federal and FSRA anti-money laundering requirements is critical in combatting financial crime. The FSRA will not hesitate to take action against DNFBPs that fail to comply with their AML obligations,' said Emmanuel Givanakis, CEO of FSRA. FSRA said that the action has been taken against the entity — Emirates Advocates — registered under licence number 000001769 and not any other entities operating under the same or similar trading names outside ADGM, including in the UAE. Therefore, Emirates Advocates is no longer allowed to provide legal consultancy in ADGM. Previously, the FSRA had taken disciplinary action against Emirates Advocates for failures to comply with its AML Rules. In May 2021, the FSRA imposed a financial penalty of $10,000 on Emirates Advocates for failing to submit a return required under the AML Rules. In September 2023, the FSRA imposed a financial penalty of $26,000 on Emirates Advocates LLP for failing to register for the goAML reporting system.
