Compliance Statement of Approach
Our Commitment to UAE Law
NBF’s Compliance Programme
Key Elements of NBF’s Compliance Programme:
- Advanced Risk Assessment – Identifies customer risk based on AML/CTF risk factors, applying enhanced controls where needed.
- Automated Monitoring & Screening – Uses real-time transaction monitoring and payment screening filters to detect suspicious activities.
- Strict Sanctions Policy – Prohibits any engagement with sanctioned individuals, entities, or high-risk jurisdictions in line with international regulations.
- Ongoing Due Diligence – Dedicated AML/CTF analysts investigate alerts triggered by automated compliance systems to prevent illicit transactions.
- Regulatory Reporting – The Money Laundering Reporting Officer (MLRO) ensures timely reporting of suspicious activities to the Central Bank of the UAE.
- Employee Training & Awareness – Continuous training through seminars, e-learning, and newsletters ensures all relevant staff can detect and prevent financial crimes.
- Enhanced Due Diligence (EDD) – Applied to higher-risk clients, industries, and geographies, ensuring thorough scrutiny of transactions and counterparties.
- Independent Audit & Oversight – Internal audit teams conduct periodic evaluations to assess the effectiveness of NBF’s AML Compliance Programme.
Correspondent Banking Relationships and FATCA​
Key regulations that impact NBF’s correspondent banking business are the Financial Action Task Force (FATF) and the US Patriot Act. While NBF is regulated by local regulations first and foremost, it is increasingly subject to relevant foreign regulations mostly due to the fact that NBF deals with foreign counterparties or currencies which triggers foreign regulations to apply.
NBF maintains important and longstanding corresponding banking relationships with a number of financial institutions. NBF may either act in capacity of respondent bank to its international counterparts or as a correspondent bank for some of its foreign counterparts. Typically NBF would perform an enhanced due diligence on the correspondent bank at the time of entering into a relationship – whether through the exchange of RMA only or where concrete transactions are expected to occur on the account. Periodic risk assessments must take place on the existing banking relationship from an AML/CTF/sanctions risk perspective. In addition, ongoing due diligence on a transaction-basis is performed in regard to correspondent banks. Among other things, our AML/CTF Policy prohibits dealings with any financial institution that is a shell bank, sanctions designated, entities that are domiciled in a sanctioned country, located in or majority held by a sanctioned entity, or which offers Payable Through Accounts (PTAs), or anonymous/nested/numbered accounts.
NBF is compliant with FATCA regulations. It is furthermore committed to comply with the Common Reporting Standards, pursuant to the OECD guidelines. NBF has registered with the Internal Revenue Service (IRS) in accordance with the In-principle agreement between UAE & US Governments.
Legal Name:National Bank of Fujairah PJSC
Jurisdiction: UAE
IGA Status: In principle agreement for Model 1 IGA
GIIN:QIQ5A3-99999-SL-784
