UAE Virtual Asset Regulatory Authority (VARA) Regulations CRM-III.B: Compliance and Risk Management Rulebook III.B: AML/CFT policies and procedures

What does CRM-III.B require?

Adopt policies meeting the federal AML/CFT laws, FATF virtual asset standards and guidance, the FATF Recommendations, EOCN counter-proliferation guidance and the local terrorist list, which bar anonymous or fictitious accounts, apply UN Security Council and other sanctions directives promptly, keep and provide all transaction records, and follow further VARA, federal, FATF and MENAFATF requirements; screen clients, UBOs, transactions and wallet addresses for illicit activity, adverse information and sanctions with alerts to operations and compliance; policies must be attested by a competent third party and submitted to VARA at licensing and within 21 days of any change.