On December 21, 2023, the UAE’s Financial Services Regulatory Authority (FSRA) announced revisions to its Anti-Money Laundering (AML) and Sanctions Rules and Guidelines (AML Rulebook). These revisions are pertinent for authorized firms in the financial sector and designated non-financial businesses and professions.
To know more – https://www.fcctimes.com/2023/12/21/fsra-updates-anti-money-laundering-rules-to-align-with-uaes-regulatory-framework/?utm_source=RZOLUTWebsite&utm_medium=FCCRegUpdate11Dec24
The latest amendments persist in aligning with the UAE’s federal regulatory framework, aiming to combat money laundering, terrorism financing, proliferation financing, and ensure conformity with specific financial sanctions.
Key updates to the guidelines include:
- Application of the Financial Action Task Force (FATF) ‘Travel Rule’ to Virtual Assets:
- Virtual Asset Service Providers (VASPs) are required to gather and transmit originator and beneficiary transaction information during wire transfers.
- Wire transfers with incomplete information on the originator or beneficiary will be considered a breach of requirements.
- Exemptions are granted to Authorized Persons or Recognized Bodies offering Financial Institutions messages or support systems for wire transfers.
- Digital assets are now categorized as a recognized payment method, signifying a notable recognition of their involvement in financial transactions.
