CBUAE AML Payments Guidance

United Arab Emirates

2022

AML/CFT

Payments

Overview

Issued by the Central Bank of the UAE (CBUAE), this guidance sets out AML/CFT compliance expectations for payment service providers (PSPs), banks, exchange houses, and fintechs involved in domestic and cross-border payments. It complements Federal Decree-Law No. 20 of 2018 and Cabinet Decision No. 10 of 2019, providing sector-specific instructions to prevent misuse of the payments ecosystem for money laundering and terrorist financing.

Industries impacted include banks, payment institutions, fintechs, remittance companies, card issuers, and money service businesses.

Key Obligations

Apply a risk-based AML/CFT framework tailored to payment services
Conduct customer due diligence (CDD) and identify beneficial ownership
Monitor cross-border and high-risk transactions for unusual activity
File Suspicious Transaction Reports (STRs) via goAML

Retain payment and customer records for at least 5 years
Appoint AML compliance officers and conduct regular training
Implement robust screening systems for sanctions and terrorist lists

FAQ

Related Regulations

Federal Decree-Law No. 20/2018

FATF 40 AML/CFT Recommendations

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