NAMLCFTC issues guidance on unlicensed virtual asset service providers
The National AML/CFT Committee (NAMLCFTC) has issued new guidance to combat the use of unlicensed virtual asset service providers in the UAE. The directive applies to all financial institutions, virtual asset service providers, and designated non-financial businesses and professions. You must review your counterparty due diligence procedures and ensure compliance with the guidance immediately.
The analysis — automated & source-checked
- Applies to
- Financial services · UAE
- What to do
- Review and update your AML/CFT controls to identify and reject transactions involving unlicensed virtual asset service providers. Ensure staff training reflects the new guidance.
Source
Source: Central Bank of UAE — official 6 Nov 2023 Read the original ↗ More from Central Bank of UAE →
Quick answers
What do I need to do?
Review and update your AML/CFT controls to identify and reject transactions involving unlicensed virtual asset service providers. Ensure staff training reflects the new guidance.
Who issued this?
Central Bank of UAE (UAE).
When was it announced?
6 Nov 2023.
Where can I read the original?
Read the original at Central Bank of UAE: https://www.centralbank.ae/en/news-and-publications/news-and-insights/press-release/namlcftc-issues-guidance-on-combating-the-use-of-unlicensed-virtual-asset-service-providers/
Subscribe — free
Get the next change before it's a deadline
The whole front, every morning. Free.