The post FSRA Revamps Anti-Money Laundering Rules to Strengthen the UAE’s Compliance appeared first on Coinpedia Fintech News

• The Financial Services Regulatory Authority (FSRA) in the UAE has updated its Anti-Money Laundering and Sanctions Rules and Guidance.
• The revisions clarify existing requirements, such as providing greater clarity that the Financial Action Task Force’s “Travel Rule” applies to virtual assets.
• These updates will impact all firms subject to the AML Rulebook, including financial services companies and designated non-financial businesses and professions.

The Financial Services Regulatory Authority (FSRA) in Abu Dhabi Global Market has released new rules related to anti-money laundering and sanctions. These rules, known as the Anti-Money Laundering and Sanctions Rules and Guidance, have been published by the FSRA on December 21, 2023.

Rules to Combat Money Laundering and Sanctions

The rules are explained in detail to represent an updated version of the previous rules implemented in June 2021. The purpose of these new rules is to strengthen the measures in place to prevent money laundering and financial crimes, as well as to ensure compliance with international sanctions. These rules will apply to all financial institutions operating within the Abu Dhabi Global Market.