CBUAE issues anti-money laundering guidance for dealing with virtual assets

Wednesday, 31 May 2023 16:44

By ARN News Staff

The UAE Central Bank (CBUAE) has issued new anti-money laundering guidelines for financial institutions when dealing with virtual assets, such as cryptocurrencies and non-fungible tokens.

The guidance sets out clear descriptions of virtual assets (VA), virtual asset service providers (VASP) and their business models.

It also discusses the risks arising from dealing with such customers and outlines the due diligence process for licensed financial institutions.

The guidance, which will come into effect within a month, applies to banks, finance companies, exchange houses, payment service providers, registered hawala providers and insurance companies, agents and brokers.

"We are constantly working to enhance efforts and strengthen the awareness of licensed financial institutions to prevent all kinds of financial crime and reduce potential risks to protect the financial and monetary system and maintain its soundness and stability, in line with the Financial Action Task Force (FATF) standards," said Khaled Mohamed Balama, Governor of the CBUAE.

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