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  • 20-11-21

    UAE Central Bank publishes policies for licensed exchange residences to fight money laundering

    (MENAFN) The UAE Central Bank published strategies to aid certified exchange residences fight money laundering and terrorism financing.

    On Wednesday, the regulator stated that the procedures are going to help in the effective implementation of the constitutional Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) responsibilities for certified exchange residences and also support them in understanding the dangers related with the same.

    The management, which also takes Financial Action Task Force standards into consideration, started to be applied on Wednesday. Licensed exchange houses have been given a month to conform.

    The UAE, the second-biggest economy in the Arab world, has firm rules to stop money laundering and the financing of terrorism and has published various guidelines over the previous two years to suppress financial crimes.

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