UAE central bank issues new AML guidance for crypto businesses.

The Central Bank of UAE has issued new guidelines for crypto businesses and financial institutions handling digital assets to combat money laundering and the financing of terrorism. The new guidance, which includes customer due diligence and enhanced due diligence for licensed financial institutions, aims to help firms understand the risks of dealing with digital assets and follow AML and CFT rules. These rules will come into effect at the start of July and contribute to strengthening the supervisory and regulatory frameworks of the Central Bank. The UAE is working towards becoming a global hub for the crypto industry, with major crypto firms expanding or moving operations to the country. However, the jurisdiction was placed on the “grey” list by the FATF in March 2022, meaning that it is subject to increased monitoring. The Central Bank of UAE has said that its new guidance for licensed financial institutions takes FATF standards into account.

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