UAE boosts sanctions, AML Policies for FATF compliance
The FSRA announced an update to AML rules, aligning with the crypto travel rule, a regulatory requirement that mandates cryptocurrency service providers to share transaction information. According to a Dec. 21 announcement, the FSRA has recently implemented revisions to enhance clarity regarding requirements outlined in the AML Rulebook. These changes align with the UAE’s federal regulatory framework, reinforcing measures against money laundering, terrorism financing, and proliferation financing while ensuring compliance with targeted financial sanctions . As per the comprehensive record of amendments, the recent revisions clearly designate digital assets as a recognized payment method, specifying that the payment for any part or all of the sale or purchase amount includes payments using virtual assets as outlined in the document. You might also like: Changpeng Zhao’s UAE return halted by federal court before sentencing These revisions have broad relevance, affectin...