Arab Finance: The Financial Regulatory Authority (FRA) has amended the regulations governing anti-money laundering and combating the financing of terrorism (AML/CFT) in non-banking financial institutions (NBFIs), as per a statement.

The decision was made to facilitate the procedures for companies and entities licensed to engage in these activities and to ensure their compliance with the authority’s regulations.

It also aims to ensure market stability, transaction safety, and the protection of the rights of traders.

The amendments include authorizing the internal control officer to integrate the assigned tasks to with the competencies of the AML/CFT officer at institutions licensed to engage in non-banking financial activities.

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