The UAE Central Bank (CBUAE) has issued new anti-money laundering guidelines for financial institutions when dealing with virtual assets, such as cryptocurrencies and non-fungible tokens.
The guidance sets out clear descriptions of virtual assets (VA), virtual asset service providers (VASP) and their business models.
It also discusses the risks arising from dealing with such customers and outlines the due diligence process for licensed financial institutions.
The guidance, which will come into effect within a month, applies to banks, finance companies, exchange houses, payment service providers, registered hawala providers and insurance companies, agents and brokers.
"We are constantly working to enhance efforts and strengthen the awareness of licensed financial institutions to prevent all kinds of financial crime and reduce potential risks to protect the financial and monetary system and maintain its soundness and stability, in line with the Financial Action Task Force (FATF) standards," said Khaled Mohamed Balama, Governor of the CBUAE.
Spinneys 1961 Holding PLC, an operator of premium grocery retail supermarkets under the Spinneys, Waitrose and Al Fair brands in the UAE and Oman, started trading on Thursday on the Dubai Financial Market (DFM).
After 55 years in the travel retail industry and 41 at the helm of Dubai Duty Free (DDF), Colm McLoughlin, Executive Vice Chairman & CEO has announced that he is stepping down from his role on May 31, 2024.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of Dubai Civil Aviation Authority (DCAA), Chairman of Dubai Airports, and Chairman and Chief Executive of Emirates Airline and Group, says he expects passenger traffic at Dubai International Airport to exceed 90 million by the end of this year.
Authorities in the UAE have reviewed efforts to repair federal roads that were damaged during the unprecedented rains and floods that hit the country last month.