Regulatory Alerts2019-02-11
Added · Updated
Consultation Paper No. 1 of 2019 – Proposed Revisions to the Anti-Money Laundering Regime in ADGM
The Financial Services Regulatory Authority of Abu Dhabi Global Market proposes revisions to the local anti-money laundering regime to align with updated federal UAE legislation and FATF recommendations. Key changes include formally designating the FSRA as the supervisory authority, introducing a registration and supervision framework for designated non-financial businesses and professions, and harmonizing beneficial ownership definitions with the Registration Authority. The proposals also modify customer due diligence triggers, restrict simplified due diligence to low-risk customers, and reduce record-keeping obligations from ten to six years.