1 Understanding Risks
Effective from 15/8/2021Please refer to Part I, Section 3 for a description of the risks of Hawala Activity.
| The Circular No. 24/2019 requires that RHP must maintain an account with a bank operating in the UAE to be used for settlement and provide the CBUAE with details of such account. The CBUAE expects LFIs to accept RHP customers, but LFIs must manage the risk that these transactions create through the use of appropriate controls (see Part III, section 2 below). LFIs must not accept as customers unregistered hawala providers based in the UAE, and must immediately report an STR to the FIU, inform CBUAE when they are detected, and closely monitor the relationship. Please see Part III, sections 2.2 and 2.3 below for guidance on detecting unregistered MVTS. |