United Arab EmiratesThe Dubai Financial Services Authority announced that its new regulatory regime introduced with respect to virtual currencies entered into force on Nov. 1, 2022.
The Dubai Financial Services Authority announced that it signed a memorandum of understanding with the Bangladesh Securities and Exchange Commission to enable the exchange of information and cooperation on regulatory matters, including discussions on money laundering or terrorist financing risks.
U.S. beneficial ownership rule’s deadline approaches, European regulator wants bank accounts for refugees, and more, in the midweek roundup.
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Dubai penalizes Bank of Singapore Limited, Chicago man convicted in trade-based money laundering scheme, and more, in the weekly roundup.
The Central Bank of the United Arab Emirates imposed a fine on an unidentified exchange house based in the United Arab Emirates for anti-money laundering and counterterrorist financing violations.
The Dubai Financial Services Authority published its decision to impose a fine on the Singapore branch of the financial institution for deficiencies within its controls system, including anti-money laundering weaknesses.
| Technical | Effectiveness |
|---|---|
| Compliant : 13 | High : 0 |
| Largely Compliant : 23 | Substantial : 1 |
| Partially Compliant : 4 | Moderate : 6 |
| Non-Compliant : 0 | Low : 4 |
The United Arab Emirates' technical compliance was re-rated in a Jan. 28, 2022 follow-up report.
| Rank : 37/141 |
| Score : 5.89/10 |
| Rank : 21/180 |
| Score : 71/100 |
| Rank : 10/133 |
| Score : 78/100 |