Regulatory Alerts2020-01-01
Consultation Paper No 1 of 2020 – Proposals for revision of the regulatory framework for Providing Money Services in ADGM
The Financial Services Regulatory Authority of Abu Dhabi Global Market proposes a comprehensive revision of the regulatory framework for Providing Money Services to address evolving business models and technology-intensive payment methods. The proposals introduce a new Conduct of Business Chapter requiring strict safeguarding of client funds, implement a risk-sensitive variable capital requirement linked to transaction volumes, and increase authorization and supervision fees for payment service providers. Additionally, the regulator mandates enhanced anti-money laundering oversight of agents and prohibits the acceptance of physical cash to mitigate terrorist financing risks.
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