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ADGM FSRA: 21 December 2023
The Financial Services Regulatory Authority (“FSRA”) has announced revisions to its Anti-Money Laundering and Sanctions Rules and Guidance (“the AML Rulebook”).
The FSRA has made revisions that clarify the requirements that previously appeared in the AML Rulebook, reflecting the federal regulatory framework the UAE has put in place to combat money-laundering, the financing of terrorism and proliferation financing and ensure compliance with targeted financial sanctions. In particular, minor drafting changes have been made to the provisions relating to wire transfers in order to provide greater clarity that the FATF “Travel Rule” applies to Virtual Assets.
The revisions will be relevant to all firms subject to the provisions in the AML Rulebook, including authorised firms in the financial services sector and Designated Non-Financial Businesses and Professions.
For the newly implemented changes and enhancements, please refer here FSRA Rules (Anti-Money Laundering and Sanctions Rules and Guidance).
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