Regulatory Alerts2019-06-14
Registered Hawala Providers Regulation
The Central Bank of the United Arab Emirates issued Circular No. 24/2019 to establish a regulatory framework for Hawala Providers operating within the UAE financial sector. The regulation mandates that all providers obtain a valid certificate, adhere to strict registration and ongoing operational obligations, and comply with anti-money laundering and counter-terrorist financing laws. It further grants the Central Bank supervisory powers to examine providers and impose administrative or financial sanctions for non-compliance.
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