MONEY OR VALUE TRANSFER SERVICES (MVTS) AND REGISTERED HAWALA PROVIDERS (RHP)

Money Service Business (MSBs), or Money or Value Transfer Services (MVTS), refers to financial services that involve the acceptance of cash, cheques, other monetary instruments, or other stores of value and the payment of a corresponding sum in cash or other form to a beneficiary by means of a communication, message, transfer, or through a clearing network to which the MVTS provider belongs. Transactions performed by such services can involve one or more intermediaries and a final payment to a third party and may include any new payment methods, including internet and mobile technology, and innovative Fintech solutions.

This Guidance is based on the results of the strategic analysis relating to Money Service Businesses (or also named as Money Service Providers) “MSBs”, Money or Value Transfer Services “MVTS” and Registered Hawala Providers “RHP”, operating in the UAE and their possible abuse in the context of Money Laundering (ML) and/or Financing of Terrorism (FT).

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