Here’s the rewritten article in markdown format:

Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) Measures for Financial Institutions and Designated Non-Financial Businesses and Professions

=====================================================

Key Takeaways

The Central Bank of the United Arab Emirates (CBUAE) has provided official guidance regarding AML/CFT measures for Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs). Here are some key takeaways:

• Risk Assessment and Control Frameworks: FIs and DNFBPs should review their risk assessment and control frameworks to ensure they are up-to-date and compliant with AML/CFT regulations.
• Non-Static Customer Identity Documentation: The UAE Cabinet has approved measures to automate renewals of certain non-static customer identification documents, which FIs and DNFBPs should take into account when updating their systems and controls.
• Transaction Monitoring Systems: FIs and DNFBPs are advised to carefully analyze transactions during the COVID-19 pandemic to distinguish between new patterns that may indicate suspicious behavior and those that are merely new normal patterns.
• Suspicious Transaction Reporting: Supervisory Authorities expect all FIs and DNFBPs to report suspicious transactions and activities through the FIU’s goAML reporting platform on a timely basis, even if they encounter operational challenges due to COVID-19.
• Sanction Screening Processes: FIs and DNFBPs should update their records daily to identify individuals or entities designated by the UNSC and/or UAE Cabinet, and conduct quality and timely reviews to maintain prerequisite recordkeeping requirements.

Important Notes

• A failure to report suspicious transactions or activities is a Federal Offense.
• FIs and DNFBPs are reminded that terrorists may exploit opportunities to raise funds during the COVID-19 pandemic.