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- The Monetary Providers Regulatory Authority (FSRA) within the UAE updates Anti-Cash Laundering (AML) and Sanctions Guidelines.
- The AML Rulebook goals to strengthen measures towards cash laundering, terrorism financing, and proliferation financing.
- Notable changes emphasize adherence to the FATF’s ‘Journey Rule’ for digital belongings.
The Monetary Providers Regulatory Authority (FSRA) within the United Arab Emirates has issued updates to its Anti-Cash Laundering (AML) and Sanctions Guidelines and Steering, known as the AML Rulebook.
The up to date AML Rulebook will assist strengthen regulatory measures towards cash laundering, terrorism financing, and proliferation financing. These modifications will construct upon the present pointers of the UAE.
One notable adjustment entails refining provisions associated to wire transfers, explicitly emphasizing adherence to the Monetary Motion Process Power’s (FATF) ‘Journey Rule’ regarding digital belongings.
The revisions outlined within the AML Rulebook apply to a spectrum of entities falling underneath its purview. This encompasses authorized entities throughout the monetary companies sector and designated non-financial companies and professions.
The revisions not solely bolster the regulatory readability for these entities but in addition considerably influence their operations, particularly by way of compliance with the ‘Journey Rule’ for digital belongings.
Based on Ali Jamal, CEO of Cryptos Consultancy, a crypto consulting agency primarily based in Dubai, these revisions serve to strengthen compliance measures by refining provisions and guaranteeing strict adherence to focused monetary sanctions.
Key updates embody refining provisions associated to wire transfers to explicitly implement the FATF’s “Journey Rule’ on digital belongings, considerably impacting companies underneath the AML Rulebook’s purview.
As of December 2023, PricewaterhouseCoopers reported that the UAE stands out as one of many nations making vital strides in adopting cryptocurrency laws. PwC’s evaluation reveals that the UAE authorities has applied a regulatory framework for cryptocurrencies.
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