In November 2020 the CBUAE issued the Stored Value Facilities (SVF) Regulation (Circular No. 6/2020 issued by Notice 4834/2020). Under its Article 14, all licensees must comply with the existing legal obligations and regulatory requirements for AML/CFT of the CBUAE and address ML/FT risks through appropriate preventive measures to deter abuse of the sector as a conduit for illicit funds, detect ML/FT activities, and report any suspicious transactions to the UAE Financial intelligence Unit (UAE FIU). Among their detailed regulatory obligations, the licensees must assess the risk level of business relationships and undertake periodic risk profiling and assessment of products based on the AML/CFT requirements.