UAE Virtual Asset Regulatory Authority (VARA) Regulations CRM-III.F: Compliance and Risk Management Rulebook III.F: Suspicious transaction monitoring and reporting

What does CRM-III.F require?

Continuously monitor relationships with documented, senior-management-approved and periodically reviewed methods and current indicators, avoid tipping off, escalate suspicions immediately to the MLRO, who reports without delay to the UAE FIU through goAML in the required form, answers FIU or VARA requests within 48 hours, takes requested actions, informs the compliance officer where appropriate, and keeps monitoring reported transactions in near real time where appropriate.