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
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