The Central Bank of the UAE has issued new guidance on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for licensed financial institutions to help understand the risks of virtual assets and virtual asset service providers.
The new guidelines, which take into account the standards of the Financial Action Task Force, will come into force within a month and include banks, financial companies, exchanges, payment service providers, remittance services, insurance companies, agents, brokers.
The guidelines discuss the risks that arise when engaging with virtual assets and virtual asset service providers, and provide a clear description of the business models of virtual assets, virtual asset service providers and virtual asset service providers.