AML/CFT Regulations in the GCC

cabinet resolution no 28 of 2007 english

Cabinet Resolution No. 28 of 2007 outlines the implementing regulations for Federal Law No. 8 of 2004, concerning Financial Free Zones in the UAE. It defines key terms related to financial activities within these zones, establishes the legal framework for their operation, and emphasizes compliance with federal laws regarding money laundering and anti-terrorism financing.

Federal Law No. 8 of 2004

Federal Law No. 8 of 2004 pertains to the establishment and regulation of Financial Free Zones within the UAE. It defines the scope of financial activities permitted within these zones and outlines the legal framework governing their operations. The law aims to regulate financial activities and ensure compliance with federal laws, particularly concerning money laundering.

FSRA Guidance — Regulation of Virtual Asset Activities in ADGM

This FSRA guidance outlines the regulatory framework for virtual asset activities within the Abu Dhabi Global Market (ADGM). It details the Financial Services Regulatory Authority's (FSRA) approach to regulating virtual assets, covering authorized persons engaged in regulated activities related to virtual assets. The guidance aims to provide clarity on compliance expectations.

Guidance on Digital Identification for Customer Due Diligence

This CBUAE guidance assists licensed financial institutions (LFIs) in understanding and performing their obligations related to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) when using digital identification for Customer Due Diligence (CDD). It outlines the use of digital ID systems for CDD, associated risks, and how to assess the reliability of these systems.

Guidance on Risks Related to Virtual Assets and Virtual Asset Providers

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.

SCA Guidelines for Regulation of Virtual Assets and Virtual Asset Service Providers

The SCA Guidelines provide a regulatory framework for Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs) in the UAE, excluding financial free zones. Issued under Cabinet Resolution No. (111) of 2022, these guidelines detail licensing requirements, operational standards, and obligations for entities dealing with VAs as investment instruments, aiming to ensure market integrity and investor protection.

Implementing Regulations of 2020 (Targeted Financial Sanctions)

This QFCRA regulation outlines the implementation mechanisms for targeted financial sanctions related to combatting the financing of terrorism and the proliferation of weapons of mass destruction, pursuant to UN Security Council Resolutions. It defines key terms and establishes procedures for implementing UN Committee Resolutions related to terrorist financing.

Law No. (6) 2020 amending Criminal Procedures Code Law No. (23) 2004

Law No. (6) of 2020 amends the Criminal Procedure Code in Qatar, focusing on international judicial cooperation and investigative powers. It updates articles related to mutual legal assistance, extradition, and introduces provisions for undercover operations in cases of money laundering and terrorism financing. The law aims to enhance the effectiveness of criminal investigations and cross-border legal collaboration.

Law No. (20) of 2019

Law No. (20) of 2019, issued by the QFCRA in Qatar, establishes a legal framework for combating money laundering and terrorism financing. It repeals Law No. (4) of 2010 and mandates concerned parties to comply with its provisions within six months of its effective date, with potential extensions granted by the Council of Ministers. The Council of Ministers will issue implementing regulations.

The Anti-Money Laundering and Combating the Financing of Terrorism Rules 2019

The Anti-Money Laundering and Combating the Financing of Terrorism Rules 2019 (AML/CFTR) outlines the obligations of firms in Qatar to establish and maintain robust AML/CFT programs. These rules are designed to prevent financial institutions and other designated businesses from being used for money laundering or terrorist financing activities, ensuring compliance with Law No. (20) of 2019.

the Anti-Money Laundering and Combating the Financing of Terrorism (General Insurance) Rules 2019

The Anti-Money Laundering and Combating the Financing of Terrorism (General Insurance) Rules 2019 (AMLG) outlines the obligations of general insurance firms operating within the Qatar Financial Centre (QFC) regarding AML/CFT. It establishes key principles, responsibilities, and procedures for firms to detect, prevent, and report money laundering and terrorist financing activities.

CBK E-Payment Services Chapter 2 — Circulars for Electronic Payment

This CBK regulation compiles circulars related to electronic payment services in Kuwait. It addresses various aspects of electronic payments, including fraud reporting, fee structures, payment links, BNPL services, cybersecurity, AML/CFT, and the use of POS devices. The regulation aims to provide guidance and controls for electronic payment service providers and related entities.