Monitored by the “UAE Central”… the most prominent risks of “Corona”...

Monitored by the “UAE Central”… the most prominent risks of “Corona”...
Monitored by the “UAE Central”… the most prominent risks of “Corona”...

The report will be a reference for financial institutions on the patterns and indicators of risks related to the pandemic, to help them identify and reduce emerging risks.

The Central Bank of the United Arab Emirates issued a report, “Risk Patterns in the Financial Sector”, to identify emerging risks in the financial sector and raise awareness about them, with the aim of enabling relevant regulatory bodies and financial institutions to prepare to address risks in a timely manner.

The report was prepared by the Regulatory Bodies Subcommittee, chaired by the Central Bank, and includes the Abu Dhabi Global Market, the Financial Services Authority, the Executive Office for Combating Money Laundering and Terrorist Financing, and the Financial Information Unit.

The report revealed the most common risks among financial institutions and the best practices used to confront them, as a group of financial institutions were selected on an experimental basis to determine the exceptional risks prevailing in the sector, which were exacerbated by the Covid-19 pandemic.

The risk patterns identified in the report include money laundering, terrorist financing, fraud, bribery, corruption, charitable and disaster fraud, cyber attacks and external fraud caused by the COVID-19 pandemic.

The report indicated that the risks derived from the specific patterns are in addition to the risks described in the national assessment of the risks associated with money laundering and terrorist financing crimes.

The report shows the effective methodologies applied by financial institutions to identify and identify risks, mitigate them and find solutions to confront them, in addition to analyzing the observed risk trends.

Khalid Mohammed Salem Balama, Governor of the Central Bank of the UAE, said: This report comes within the framework of continuous efforts to confront trends and developments related to money laundering, terrorist financing and emerging risk patterns in the financial sector in light of the Covid-19 pandemic.

He added: “Although the identification of these risks is still in the early stages, the Central Bank has issued this report in cooperation with the relevant regulatory authorities.”

The report will be a main reference for financial institutions on the patterns and indicators of risks related to the pandemic, to help them identify and reduce emerging risks, which contributes to maintaining the integrity of the country’s financial system.

All indicators of the Central Bank of the Emirates reflected the UAE’s ability to cross the repercussions of Corona to maintain the stability of its financial and monetary indicators.

According to the data of the UAE Central, the bank’s assets jumped to 470.5 billion dirhams at the end of last December, and its gold balance amounted to about 12.862 billion dirhams.

In the early days of the outbreak of the epidemic, the Central Bank of the Emirates launched a comprehensive economic support plan at a cost of 100 billion dirhams, directed at individual customers and companies affected by the Corona Covid-19 epidemic – immediately.

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