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ADGM: FSRA proposes updates to money services regulatory framework

The Financial Services Regulatory Authority ('FSRA') of the Abu Dhabi Global Market ('ADGM') published, on 25 June 2020, a consultation paper proposing updates to its regulatory framework for Providing Money Services. In particular, the FSRA outlined that the encouragement of innovative FinTech approaches by ADGM in the financial services sector has led to new business models for money transfers and as such the proposals reflect this. Furthermore, the FSRA proposed changes to the Anti-Money Laundering ('AML') and Sanctions Rules and Guidance ('the Guidance'), which include, among other things, clarifications on authorised persons providing money services, the duties of such persons to, for example, comply with all AML requirements imposed in all jurisdictions within which it or its agents operate.

You can read the press release here and the Guidance here.