UAE regulator revises sanctions, AML policy to enact FATF’s Travel Rule
UAE’s Financial Services Regulatory Authority has updated its AML and sanctions rules with new elements related to digital assets.
The Financial Services Regulatory Authority (FSRA), a financial watchdog in the United Arab Emirates, has updated its Anti-Money Laundering and sanctions rules with new elements related to digital assets.
The FSRA on Dec. 21 officially announced revisions to its Anti-Money Laundering and Sanctions Rules and Guidance, or the AML Rulebook, adding some changes to the provisions related to digital assets within the Financial Action Task Force’s (FATF) Travel Rule.
According to Cryptos Consultancy CEO Ali Jamal, the key updates in the revised document include refining provisions related to wire transfers to explicitly enforce the FATF's Travel Rule on digital assets, significantly impacting firms under the AML Rulebook's purview.
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