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Central Bank of UAE Issues New Guidance on AML and CFT Measures for Crypto Businesses

The Central Bank of the UAE has issued new guidance on anti-money laundering (AML) and countering the financing of terrorism (CFT) measures for crypto businesses. The guidance highlights the risks associated with dealing with virtual assets and virtual asset service providers (VASPs), in line with the recommendations of the Financial Action Task Force (FATF). The new rules will be effective in one month and will impact Licensed Financial Institutions in the UAE, including banks, finance companies, exchange houses, payment service providers, registered hawala providers, and insurance companies. The move is aimed at strengthening the supervisory and regulatory frameworks of the Central Bank to combat financial crime activities and reduce potential risks to protect the financial and monetary system.

UAE Central Bank
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