This week the spotlight is on banking and finance developments in the UAE, where the UAE’s Foreign Exchange and Remittance Group which represents businesses engaged in money exchange and remittances in the country has announced it has launched the second edition of the Anti-money laundering (AML) Standardisation Manual in Dubai.
It was launched in 2015 to encourage exchange houses in the UAE to comply with Central Bank Regulations. When the Central Bank released a new set of Exchange house regulations, the Group worked with KPMG to review and redraft the manual in line with the new regulations. The Second Edition is an updated version of the Group’s first standardisation manual. The new edition states clear guidelines for the sale and purchase of foreign currencies and traveller’s cheques, handling remittance operations in different currencies and paying wages through the Wages Protection System, amongst other things.
Elsewhere the country’s Federal Tax Authority has confirmed businesses only have to use their Tax Registration Numbers and don’t need a tax certificate to carry out business. The Authority added tax registration certificates cannot be printed or downloaded with a provisional Tax Registration Number. The Authority’s website allows individuals to verify the Tax Registration Number of any company registered with the Authority for VAT purposes.