The Investment Studies Center (ISC), the training arm of Union of Investment Companies (UIC), held a training program entitled "The latest developments in the Violations of the Capital Markets Authority Regarding (CMA) Anti-Money Laundering and Terrorism Financing Instructions" on 07^th February 2023. Regarding the program, Mrs. Fadwa Darwish, Secretary General of UIC, stated that this program came to support the investment sector and our member companies and to provide the employees and departments of investment companies with the latest decisions and instructions issued by CMA and the concerned authorities aiming to enhance the integrity of the financial market and protecting persons and financial companies from falling in mistakes and illegal operations.

During the training program, the participants were able to view the provisions of the Disciplinary Board of CMA, regarding the violations committed by the companies and the methods used to avoid them in the future. Also, the issues that have been amended in order to update anti-money laundering procedures in line with the recommendations of the Financial Action Task Force (FATF) were addressed. Among the most important points that were highlighted in order to assist the employees of investment companies are the risks associated with clients from the admission and exemption procedures and high-risk groups such as politicians, in addition to non-profit bodies and institutions. Cases were also studied in which companies must take due diligence measures towards the client and collective investment schemes, and review and update records. It also touched on updating and keeping records, prohibiting warning customers, the tasks of the compliance officer, and how to implement electronic correspondence and direct and written orders.