The Capital Market Authority Conducts a Workshop on Risks Management and the Organizational, Regulatory and Institutional Requirements

The CMA Conducted a workshop on Risks Management and The Organizational, Regulatory and Institutional Requirements, which comes as part of its efforts to enhance the anti-money laundering and combating financing terrorism system in its regulated sectors. It was given by Ahood Issa Al Balushi – Certified FATF Assessor and attended by compliance officers and those related from companies regulated by the CMA in both capital market and insurance sectors.

During the workshop, the attendees were introduced to the organizational and regulatory requirements in accordance with the FATF recommendations and the Law of Combating Money Laundering and Terrorism Financing No. (30/2016) and instructions issued by the CMA on the Implementation of this Law to the Capital Market Institutions (Decision No. 80/2021) and to Insurance and Takaful Companies, Brokers and Agents (Decision No. 81/2021).  The workshop shed light on the institutional requirements that should be met by the licensed entities with regards to the implementation of a risk-based approach which is the basis of the institutions’ due diligence procedures towards the clients including client identification and verification by official documents, as well as verification of the identity of the person acting on behalf of the client.  Other institutional requirements include record-keeping and mechanism for reporting suspicious financial transactions.  Such procedures enhance the anti-money laundering and combating financing terrorism system in such institutions and contribute in decreasing their risks level. 

It is worth mentioning that this workshop comes within a series of programs and workshops related to anti-money laundering and combating financing terrorism, held by the CMA, represented by the AML & CFT Department, in cooperation with different entities in this field.  This leads to filling the CMA’s role in raising awareness of its regulated entities on one hand and issuing regulatory legislations and inspecting companies on the other hand.