dijlahpoint - The Central Bank issued new directives targeting non-banking financial institutions, including strict measures to verify customer identities to mitigate the risks of money laundering and terrorism financing. The bank emphasized the need to verify the ultimate beneficial owner or authorized signatory before and during financial transactions, while continuously updating databases to identify politically exposed persons and ensuring they are not on sanctions lists. The directives also called for thorough investigations into complex corporate structures and the submission of suspicious activity reports without notifying the customer, stressing the commitment of senior management to train staff and apply the best international practices.