The AML Resolution introduces a number of significant enhancements to the UAE AML regime including: (a) the introduction of the “risk-based approach” to AML regulation, whereby FIs and DNFBPs are required to assess a client’s money laundering risk (“ML risk”), assign an ML risk level to each client, and carry…
Greater scrutiny into financial crimes The newly enacted Federal Law No. 20 of 2018 on Anti-Money Laundering Law (AML Law) contains important improvements over the prior legal framework to combat financial crimes. For the first time, digital currencies are brought within the ambit of the law, targeting online money laundering…