UAE’s Central Bank gets 55% more transaction tip-offs

31 Jan 2011

(MENAFN) The head of UAE’s Central Bank anti-money laundering unit said that the bank received suspicious money transfers in 2010 that were 55 percent than those in 2009, reported The National.

The official said that insurers, banks, investment companies and other financial services firms reported complaints that totaled to 2,711 in 2010. In 2009, the anti-money laundering received only 1,750 complaints.

The head of the anti-laundering unit said that the increase in complaints comes as the central bank is educating financial service firms in the UAE about their role in reporting suspicious financial activity.

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