FSA Training Workshop on Due Diligence Measures

To disseminate awareness and understanding of effective implementation of the requirements for combating money laundering and financing terrorism, the Financial Services Authority (FSA) organized a workshop on the regulatory requirements of due diligence measure “Know Your Customer” on Monday via video conference.

The workshop was organized to enhance awareness and understanding of due diligence requirements and the policies of combating money laundering and financing terrorism in the context of the changes in foreign investments and adopting Fintech in the financial sector.

The workshop emphasized that the concept of “Know Your Customer” is not limited to filling the form but includes understanding customer risk and related transaction risk. The financial institutions must build detailed file on customer risks including the products, geographical area, transaction size etc. The participants were acquainted with the steps of creating customer risk identification file, customer registration based on their personal files and taking due diligence measure according to the risks as well as the tenth recommendation of the Financial Action Task Force (FATF) and the requirements.

The Workshop comes as a part of a series of programs and workshops related to Anti-Money Laundering and Combating Financing Terrorism organized by the Anti- Money Laundering and Combating Financing Terrorism Department this year to complete the efforts exerted last year as a set of workshops were organized beside a number of awareness events to  realizes the roles of FSA  in raising awareness of the entities under its regulation in addition to  issuing legislations and surveillance and  inspection of companies.