Regulatory Alerts2021-08-15
Guidance for Registered Hawala Providers and Licensed Financial Institutions Providing Services to Registered Hawala Providers
The UAE Central Bank issued this guidance to define compliance expectations for Registered Hawala Providers and Licensed Financial Institutions regarding anti-money laundering and combating the financing of terrorism obligations. The document mandates strict adherence to registration requirements, robust AML/CFT programs, and enhanced due diligence measures to mitigate the high risks inherent in hawala transactions. It further requires Licensed Financial Institutions to implement rigorous risk-based approaches, including ongoing monitoring and suspicious transaction reporting, when providing services to these providers.
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