UAE and LFIs

UAE: new rules are coming to fight money laundering

31 May 2023

Category

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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