UAE’s Central Bank Issues Guidance Regarding AML/CFT for Crypto
The Central Bank of the UAE (CBUAE) announced this morning new guidance in order to address the money laundering and combat the financing of terrorism (AML and CFT) measures for crypto businesses.
The new rules, based on the Financial Action Task Force (FATF) recommendations, will come into effect in one month and will affect all Licensed Financial Institutions in the United Arab Emirates, such as banks, finance companies, exchange houses, payment service providers, registered hawala providers and insurance companies, agents, and brokers.
His Excellency Khaled Mohamed Balama, Governor of the CBUAE, believes that these new guidelines will help strengthen the supervisory and regulatory frameworks of the Central Bank to combat money laundering and the financing of terrorism and will put efforts into enhancing and promoting the awareness of financial institutions to prevent any financial crime activities.
The UAE government has been working hard to attract crypto businesses to the region, aided by a welcoming regulatory framework, for example, the cryptocurrency regulations recently enforced by Dubai.
