As required by Article 15 of the AML-CFT Law and Article 17 of AML-CFT Decision, LFIs must file an STR, SAR or other report types with the UAE Financial Intelligence Unit (UAE FIU) when they have reasonable grounds to suspect that a transaction, attempted transaction, or funds constitute, in whole or in part, regardless of the amount, the proceeds of crime, are related to a crime, or are intended to be used in a crime. As per Article 18 of the AML-CFT Decision, In reporting their suspicions, employees must maintain confidentiality with regard to both the information being reported and the act of reporting itself, and make reasonable efforts to ensure the information and data reported are protected from access by any unauthorised person (Please consult also section 7.8 of the CBUAE’s Guidelines on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations for Financial Institutions). STR filing is not simply a legal obligation; it is a critical element of the UAE’s effort to combat financial crime and protect the integrity of its financial system. STR filings assist law enforcement in detecting criminal actors and preventing the flow of illicit funds through the UAE financial system. Please consult also the CBUAE’s Guidance for Licensed Financial Institutions on Suspicious Transaction Reporting⁴ for further information.

⁴ Available at: https://www.centralbank.ae/en/cbuae-amlcft