The Central Bank of the UAE (CBUAE) in a press release announced that it has issued a new guidance on anti-money laundering and combatting the financing of terrorism (AML/CFT) for Licensed Financial Institutions (LFIs),  banks, finance companies, exchange houses, payment service providers, registered hawala providers and insurance companies, agents and brokers as well as setting clear descriptions of virtual assets and Virtual asset service providers business models.  His Excellency Khaled Mohamed Balama, Governor of the CBUAE, stated, “The new guidance related to the virtual assets sector contribute to strengthening the supervisory and regulatory frameworks of the Central Bank to combat money laundering and the financing of terrorism. We are constantly working to enhance efforts and strengthen the awareness of licensed financial institutions to prevent all kinds of financial crime activities, and reduce potential risks to protect the financial and monetary system and maintai...