The Dubai Virtual Assets Regulatory Authority (VARA) issued fresh anti‑money‑laundering guidance on June 12, 2024, compelling licensed crypto firms to adopt data‑driven and regularly refreshed risk assessments.
Enhanced Compliance Obligations
The new framework obliges virtual asset service providers to embed the Financial Action Task Force’s high‑risk and increased‑monitoring jurisdictions into their compliance routines. It also lifts the bar for senior‑management oversight, AI‑related risk monitoring, anonymity‑enhancing transaction controls, and safeguards against proliferation financing.
Risk‑Assessment Requirements
Licensed entities must move beyond static checklists and produce risk assessments that mirror current business activity, covering customer profiles, transaction types, product lines, service channels, and geographic exposure. Countries flagged by the FATF as high‑risk or subject to heightened monitoring must be incorporated promptly, and assessments must be revisited at least every three months—or sooner if operational conditions shift.