3.1 The AML/CFT Program and the Compliance Officer

يسري تنفيذه من تاريخ 15/8/2021

As per Article 21 of the AML-CFT Decision, each RHP must have a specific person, the Compliance Officer, who is responsible for day-to-day compliance with the legal and regulatory framework in the UAE and the management of the AML/CFT program. This person must be an employee, manager, or owner of the RHP. In large RHP, with multiple employees and substantial revenues from Hawala Activity, the CBUAE expects that the Compliance Officer will be a full-time position without any other responsibilities for managing the business. In small RHP, however, the CBUAE recognizes that the Compliance Officer is likely to have other responsibilities beyond management of the compliance program. If the RHP is owned and operated by a single person, that person will be the Compliance Officer.

The Compliance Officer is responsible for the following:

		•	Ensure full compliance with the legal and regulatory framework in the UAE and this Guidance.
		•	Making sure that other employees of the RHP (where relevant) comply with the legal and regulatory framework in the UAE and this Guidance, and abide by the RHP's own policies and procedures; and
		•	Implementing the compliance program elements described in this Guidance, including conducting the risk assessment.

The RHP's AML/CFT compliance program must include all the measures discussed in the following sections as well as the following components:

		•	Provide education and training to appropriate personnel. RHP employees who participate in Hawala Activity must be trained to understand how to comply with the legal and regulatory framework in the UAE and this Guidance, and abide by the RHP's policies and procedures. It is not acceptable for an untrained employee to have responsibility for collecting or disbursing customer funds and initiating transactions.
		•	Conduct a periodic audit of the AML/CFT program. RHP are required to arrange for a regular independent audit of their program by hiring an external qualified independent auditor approved by the CBUAE. Small RHP should be audited once every two or three years, while large RHP once every year. It is important to note that the audit must be independent; i.e. an RHP may not audit itself.