UAE and LFIs

UAE: new rules are coming to fight money laundering

31 May 2023

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UAE decided to fight money laundering introducing new rules. 

On May 31, the Central Bank of the United Arab Emirates (CBUAE) published a 44 pages document  for LFIs which describes in detail how users have to fight money laundering and terrorism for banking institutions. 

“LFIs” are all the non-crypto financial institutions that are connected to virtual asset providers.

LFIs are for example banks, finance companies, payment service provides…

UAE established that LFIs have to submit a request to the central bank if they want to collaborate with any VASPs. Without license, every collaboration is forbidden.

SOURCE: COINTELEGRAPH

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