When updating their money laundering compliance framework, firms involved in crypto assets are required to take into account the recommendations of which body?
Under the UAE’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) framework, firms, including those involved in crypto assets, are required to align their compliance practices with international standards. The Financial Action Task Force (FATF) provides the global framework and recommendations to combat money laundering and terrorism financing. Firms must adhere to these recommendations to update and maintain their AML compliance programs effectively, ensuring that they remain in line with the best global practices and avoid involvement in illicit activities. The FATF’s guidelines specifically address the risks posed by crypto assets and set standards for monitoring, reporting, and controlling potential misuse of such assets for money laundering purposes.
[Reference: CISI UAE Financial Rules and Regulations — Anti-Money Laundering Framework and Crypto Assets, Section 9.2.4 (2023)., ]
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