The Central Bank of the UAE has issued new guidelines for licensed exchange companies.
The Central Bank of the UAE has issued new guidelines regarding countering money laundering and combating the financing of terrorism for licensed exchange companies.
His Excellency Khalid Mohammed Salem Balama Al Tamimi, Governor of the Central Bank of the UAE, said: “At the Central Bank, we perform our duties and our supervisory and supervisory duties in full compliance. We are also working to ensure that all licensed exchange companies in the UAE understand their responsibilities towards combating money laundering and combating the financing of terrorism, and to put in place programs effective to identify and mitigate the risks of these activities to their operations, and fully comply with their legal obligations.”
The new guidelines, which will come into force as of today, contribute to the understanding of the risks and the effective implementation of the legal obligations of the licensed exchange companies in combating money laundering and combating the financing of terrorism. These guidelines take into account the standards and guidelines issued by the Financial Action Task Force (FATF) and require authorized exchange firms to demonstrate compliance with the new requirements within one month from the date of their issuance.