Establishment of Financial Intelligence Unit

The Central Bank shall establish an independent “Financial Intelligence Unit” to receive suspicious transaction reports and information from financial institutions, designated non-financial businesses and professions, and virtual asset service providers.

Key Competences of the FIU

• Requesting financial institutions and designated non-financial businesses and professions to submit additional documentation related to received reports.
• Exchanging information with counterparts in other countries for combating crime.
• Establishing a database or special register to record all available information and implementing data privacy and security procedures.
• Any other competences specified in the Executive Regulation.

Data Protection and Security

The FIU must implement data privacy and data security procedures to protect the information, including:

• Procedures for handling
• Archiving
• Transferring
• Accessing the data

These measures will ensure that sensitive information is handled securely and in compliance with relevant regulations.

Access Control

Access to the premises, database, and technology systems of the FIU shall be restricted. This ensures that only authorized personnel can access sensitive information, minimizing the risk of unauthorized disclosure or theft.

Amendment to the Decree-Law

This article has been amended by Federal Decree-Law No. (26) of 2021, reflecting changes in legislation and updates to regulations governing the FIU’s operations.