To prevent money laundering or tax evasion

The Central Bank calls on banks to monitor the accounts of “social media” influencers and artists

The Central Bank called on the banks to ensure that the turnover of funds in the bank account is commensurate with what was authorized when it was opened.

Photography: Najeeb Mohamed

The central bank has asked banks to be aware of the emerging risks associated with social media influencers, artists and celebrities, and to ensure that the circulation of funds in the bank account matches what is authorized when it is opened.

And the "Central" explained in a circular sent to the banks, and "Emirates Today" obtained a copy of it: "Banks must be aware of the emerging risks associated with social media influencers, artists and famous people, who represent increased risks for money laundering and terrorist financing."

He added: “Therefore, banks must ensure the full application of the risk-based approach, and take enhanced due diligence measures, in line with the legislative and regulatory framework to counter money laundering and combat the financing of terrorism in the UAE, and pay attention to the various risk factors, and indicators that can help detect About suspicious transactions, and reporting them when dealing with them, especially the disproportionate turnover of funds in the account with what was authorized when opening a bank account. The Central stressed that these awareness measures aim to prevent the exploitation of social media platforms for the purposes of money laundering and terrorist financing, and related predicate crimes, including tax evasion, as well as ensuring that the bank account is used for the purpose it is opened for.

It is noteworthy that the wealth of social media celebrities around the world has prompted a number of central banks, especially in the region, to urge banks to monitor the movement of funds in their bank accounts, and to ensure that they are in line with the expected income disclosed when the account is opened.

The Central Bank of the UAE is keen to tighten controls that address money laundering and related crimes, and update them from time to time, in order to ensure financial stability in the country and maintain its reputation as a financial and commercial center, the first in the region.

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