The Financial Services Regulatory Authority (FSRA) has announced revisions to its Anti-Money Laundering and Sanctions Rules and Guidance (the AML Rulebook).
The FSRA has made revisions that “clarify the requirements that previously appeared in the AML Rulebook, reflecting the federal regulatory framework the UAE has put in place to combat money-laundering, the financing of terrorism and proliferation financing and ensure compliance with targeted financial sanctions.”
In particular, minor drafting changes “have been made to the provisions relating to wire transfers in order to provide greater clarity that the FATF ‘Travel Rule applies to Virtual Assets.”
The revisions will be relevant “to all firms subject to the provisions in the AML Rulebook, including authorised firms in the financial services sector and Designated Non-Financial Businesses and Professions.”
For the newly implemented changes and enhancements, you may refer “here FSRA Rules (Anti-Money Laundering and Sanctions Rules and Guidance).”
In another update, it was noted that as a response to the overwhelming interest in ADGM as a leading hub for dispute resolution, the ADGM Arbitration Centre is launching “ODR@ADGM”, an online dispute resolution platform “that hosts a fully digitalised settlement and mediation service. Using this advanced service, parties from anywhere in the world will be able to resolve their disputes through self-guided negotiations or, ultimately, mediation facilitated by internationally accredited mediators.”
ODR@ADGM is a secure and confidential platform “where priority is placed on parties remaining in full control of the resolution of their dispute. The platform can be accessed remotely and seamlessly, at any time, via the website.”
Parties can submit “a dispute via the platform and are guided through a series of questions that result in the tailoring of a settlement offer to the other party. An invitation is then sent to the other party to join the platform to engage in the negotiation. Once both parties are registered, online negotiation commences, with flexible deadlines depending on the parties’ needs and requirements.”
If an offer is accepted, a template settlement agreement is “available via the platform, allowing for a self-driven solution.” Alternatively, parties can “create their own settlement agreement with the assistance of their legal representatives.”
If settlement is not reached “via negotiation, parties have the option to access a mediator, which continues to allow them to stay in control of the outcome of their dispute. With the utmost confidentiality and flexibility, the mediator will actively assist parties to bridge the gap in their settlement discussions and reach a compromise that they both can accept.”
The savings in time and cost “to parties of having such a fully digitalised platform to resolve their disputes in easy reach and without disturbing their day-to-day business operations are immeasurable.”
ADGM claims that it “continues to be a leader in the digital transformation of dispute resolution, especially following the announcement of the recent “Mediation in the Metaverse” launch, as well as ADGM Courts’ blockchain technology solution for the global enforcement of commercial judgments.”
