guidance

Guidance on Risks Related to Virtual Assets and Virtual Asset Providers

Issuing bodyCBUAE
CountryUAE
RegionFederal
Virtual AssetsVASPsAML/CFTRisk Management

This CBUAE guidance outlines the risks associated with virtual assets (VAs) and virtual asset service providers (VASPs) and provides instructions for Licensed Financial Institutions (LFIs) on mitigating money laundering and terrorist financing (ML/TF) risks. It details the process for LFIs to obtain CBUAE's non-objection for opening new accounts for VASPs and managing VA-related customer transactions.

Key requirements
  • LFIs must apply a risk-based approach when dealing with VASP customers and VA-related transactions.
  • LFIs must conduct thorough Customer Due Diligence (CDD) on all VASP customers, including specific due diligence measures.
  • LFIs must obtain CBUAE's non-objection before opening new administrative or transactional accounts for VASPs.
  • LFIs must apply enhanced due diligence measures for higher-risk VASP customers.
Applies to: Licensed Financial Institutions (LFIs) in the UAE
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