UAE’s Financial Services Regulatory Authority Updates Anti-Money Laundering and Sanctions Rules
The Financial Services Regulatory Authority (FSRA) in the UAE has recently updated its Anti-Money Laundering and Sanctions Rules and Guidance to provide greater clarity and compliance with international standards. The revisions specifically address the application of the Financial Action Task Force’s “Travel Rule” to virtual assets, impacting all firms subject to the AML Rulebook in Abu Dhabi Global Market.
Implications for Financial Institutions
The new rules, released on December 21, 2023, represent an updated version of previous rules implemented in June 2021, providing detailed guidelines to strengthen measures against money laundering and financial crimes. These rules will apply to all financial institutions operating within the Abu Dhabi Global Market, including financial services companies and designated non-financial businesses and professions.
Hot Take: Stricter Rules for AML and Sanctions in UAE
The recent updates by the Financial Services Regulatory Authority indicate a stronger stance against money laundering and a commitment to international standards, ensuring that all financial institutions in the UAE are continuously improving their AML and sanctions compliance measures. This move aligns with global efforts to combat financial crimes and strengthens the regulatory framework in the UAE.
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