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UAE regulator revises sanctions, AML coverage to enact FATF’s Journey Rule

UAE regulator revises sanctions, AML coverage to enact FATF’s Journey Rule


The Monetary Providers Regulatory Authority (FSRA), a monetary watchdog within the United Arab Emirates, has up to date its Anti-Cash Laundering and sanctions guidelines with new parts associated to digital belongings.

The FSRA on Dec. 21 formally introduced revisions to its Anti-Cash Laundering and Sanctions Guidelines and Steerage, or the AML Rulebook, including some modifications to the provisions associated to digital belongings throughout the Monetary Motion Process Pressure’s (FATF) Journey Rule.

Based on Cryptos Consultancy CEO Ali Jamal, the important thing updates within the revised doc embrace refining provisions associated to wire transfers to explicitly implement the FATF’s Journey Rule on digital belongings, considerably impacting companies underneath the AML Rulebook’s purview.

This revision holds relevance for licensed companies within the monetary sector and designated non-financial companies and professions.

“These modifications serve to reinforce readability and alignment with the UAE’s strong federal regulatory framework combating cash laundering, terrorism financing, and proliferation financing, making certain strict compliance with focused monetary sanctions,” Jamal said.

Based on a log of detailed amendments, the brand new revisions embrace provisions that explicitly outline digital belongings as one of many current cost strategies.

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“The cost for any half or the entire sale/buy quantity consists of cost(s) utilizing Digital Belongings,” the doc states.

An excerpt from FSRA’s up to date Anti-Cash Laundering and Sanctions Guidelines and Steerage. Supply: Abu Dhabi International Market

Based on a December 2023 report by the skilled community PwC, the UAE is among the most progressive international locations in adopting crypto rules. Based on PwC’s evaluation, the UAE’s authorities has already adopted a crypto regulatory framework, AML rules and the Journey Rule, and is within the ultimate stage of growing stablecoin legal guidelines.

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