UAE Central Bank Issues Anti-Money Laundering and Counter-Terrorist Financing Guidelines for Virtual Assets

The Central Bank of the United Arab Emirates has issued anti-money laundering and counter-terrorism financing guidelines for virtual assets, Reuters reported. The new guidelines discuss including the due diligence required by licensed financial institutions when working with virtual assets and virtual asset service providers, the statement said. The guidelines, which will come into effect within a month, apply to banks, financial firms, exchanges, payment service providers, insurance companies, agents and brokers, among others. The UAE central bank said the guidance took into account the standards of the Financial Action Task Force (FATF).