Global events over the last year have proven both the immense staying power of the crypto industry while beginning to reveal underlying cracks across such a new and under regulated sector.
As the UAE continues to emerge as a key international crypto hub, the potential financial crime risks that accompany crypto activity must be kept front of mind. Whether one works for a virtual asset provider or a financial organisation beginning to deal with crypto, it is important to stay up to date with crypto financial crime risks and compliance requirements in the UAE.
This briefing note serves as a resource for understanding these financial crime risks and regulatory requirements, drawing on UAE and international guidance as well as industry best practices on risk management and enhanced due diligence. It is important for all private sector actors to identify, understand and manage the impact of crypto on their businesses.