eBook on Combating Crypto Money Laundering Through AML Compliance

Intercepting the AML challenges in the crypto currency isn’t a simple, one-size-fits-all process.

In the UAE, the Federal Decree-Law No. (20) of 2018 establishes the foundation for Anti-Money Laundering (AML). However, when it comes dealing with Virtual Asset Service Provider (VASPs), regulatory compliance becomes more complex due to several sector specific guidelines issued by various supervisory authorities like Central Bank of the UAE (CBUAE) and the Securities Commodities Association (SCA), Virtual Assets Regulatory Authority (VARA). Each authorities have their own guidelines which apply depending upon the nature and location of your crypto business operating within the UAE’s jurisdiction. These differences typically appear in areas such as:

• Specific AML instructions depending on where the business operates and type of business.
• Red flag indicators, suspicious transaction reporting, and FATF Travel Rule compliance.
• KYC/KYT/CDD procedures and technological tools are required.

It’s important to understand how AML regulations are applied to crypto currency, especially for VASPs. Understanding how money laundering occurs in the cryptocurrency and identifying suspicious red flags, and implementing proper rules and regulations for that helps you avoid regulatory penalties and reputational risks, as per current regulatory updates

Explore our eBook for a clear, practical guide to AML compliance in crypto currency in UAE. It breaks down the legal necessities, authorities, and red flags to look for while providing useful information for risk based approaches, AML audits and constructing strong compliance frameworks.