Regulatory Alerts2021-11-11
Guidance for Licensed Exchange Houses on AML/CFT Compliance
The United Arab Emirates Central Bank (CBUAE) issued this guidance to define statutory obligations and compliance expectations for Licensed Exchange Houses regarding anti-money laundering and combating the financing of terrorism. The document mandates that institutions establish, maintain, and regularly update risk-based AML/CFT programs encompassing ten essential components, including comprehensive risk assessments, customer due diligence, and transaction monitoring. Licensed Exchange Houses are required to demonstrate full compliance with these requirements within one month of the guidance's issuance to mitigate vulnerabilities associated with cash-based transactions and cross-border funds transfers.
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