AML – Anti Money Laundering Services in UAE
Comprehensive AML Compliance Services for Secure and Transparent Business Operations
In the UAE, stringent Anti-Money Laundering (AML) regulations are essential for maintaining financial integrity and combating financial crime. At AM Audit, we offer expert support to help businesses navigate these complex regulations. Our AML services, including AML Registration (goAML Registration), Audit & Inspection Support, and Compliance, ensure that your business meets all regulatory requirements, mitigates risks, and prevents penalties.
Our AML – Anti Money Laundering Services in UAE
AML Registration
Seamless AML Registration for Full Compliance
AML Audit & AML Inspection Support
In-Depth AML Audits for Enhanced Compliance
AML Compliance in the UAE
Proactive AML Compliance for Secure Business Operations
Money laundering is the process of making illegally obtained money appear legitimate. It involves disguising the origins of illicit funds through various methods, including cash laundering and financial transactions.
AML Law in the UAE
Applicability and DNFBPs
The UAE’s AML Law applies to financial institutions, banks, insurance companies, and Designated Non-Financial Businesses and Professions (DNFBPs), including:
- Dealers in precious metals and stones
- Real estate agents and brokers
- Trust and corporate service providers
- Auditors and independent accountants
- Lawyers, notaries, and other legal professionals
The Legal Framework - UAE’s AML/CFT regulations
- Federal Decree-Law No. (20) of 2018: Addresses Anti-Money Laundering and Combating Terrorism Financing, amended by Federal Decree-Law No. (26) of 2021.
- Cabinet Decision No. (10) of 2019: Implements Federal Decree-Law No. (20) of 2018, amended by Cabinet Resolution No. (24) of 2022.
Additional Key Legislation:
- Cabinet Decision No. (58) of 2020: Regulates Beneficial Ownership Procedures.
- Cabinet Resolution No. (53) of 2021: Defines administrative penalties for breaches of beneficial ownership regulations.
- Cabinet Decision No. (16) of 2021: Outlines violations and fines related to AML/CFT measures.
- Cabinet Resolution No. (74) of 2020: Regulates the implementation of UN Security Council Resolutions on countering terrorism financing and weapons proliferation.
AML Compliance in the UAE
- AML Registration (goAML Registration): Mandatory registration with UAE authorities to comply with AML regulations.
- Anti-Money Laundering Services: Includes transaction monitoring, risk assessments, and compliance audits.
- AML Law and Regulations: Governed by Federal Decree-Law No. (20) of 2018, Cabinet Decision No. (10) of 2019, and Cabinet Resolution No. (74) of 2020.
- AML CFT Regulations: Includes Counter-Terrorist Financing laws for preventing terrorism financing.
- KYC AML: Know Your Customer procedures for verifying client identities.
- Anti-Money Laundering Structuring: Implementing organizational structures to support AML efforts.
- Anti-Money Laundering Screening: Anti-Money Laundering screening involves examining transactions and customer activities to detect suspicious behavior and prevent money laundering.
AML Audit & AML Inspection Support
- AML Audit: Reviewing AML policies and procedures for compliance.
- Inspection Support: Assisting with regulatory inspections and documentation.
- Compliance Assurance: Ensuring ongoing adherence to AML regulations.
Key Penalties for AML Non-Compliance
- Substantial Fines: Penalties for failing to adhere to AML regulations, scaled by violation severity.
- Asset Forfeiture: Seizure of assets linked to money laundering or terrorism financing.
- Criminal Charges: Potential imprisonment and additional fines for individuals or businesses involved in illegal activities.
- Reputational Damage: Harm to business reputation, affecting client trust and market position.
- Operational Restrictions: Increased regulatory scrutiny and potential operational restrictions.
- License Revocation: Risk of losing the right to operate in the UAE for repeated non-compliance.
What is the AML checklist for businesses in the UAE for 2024 ?
Businesses in the UAE should ensure they have up-to-date AML policies and procedures, designate an AML Compliance Officer, and conduct regular risk assessments. Implement robust customer due diligence (CDD), including Know Your Customer (KYC) procedures and enhanced due diligence for high-risk customers. Maintain effective transaction monitoring systems, keep comprehensive records for at least five years, and provide regular staff training on AML practices. Ensure timely reporting of suspicious activities, establish internal controls, and conduct regular audits. Stay informed about regulatory changes and align with the UAE’s National Strategy for AML/CFT. Implement beneficial ownership transparency, utilize advanced technologies for data management, and engage with authorities for compliance support.
Why Choose AM Audit for AML Compliance Services?
At AM Audit, we specialize in delivering comprehensive AML services tailored to meet the stringent regulatory requirements of the UAE. Our expertise ensures robust protection against money laundering risks and aligns with the latest AML laws and regulations. Here’s why businesses choose us:
Expertise in AML Compliance: We provide thorough anti-money laundering services, including risk assessments, AML policies and procedures, and compliance officer registration. Our approach ensures adherence to AML and CFT regulations and effective screening and structuring.
Holistic AML Solutions: From developing customized AML programs and Know Your Customer (KYC) forms to independent audit reports and comparative analysis of AML tools, we cover all aspects of AML compliance to safeguard your business.
Comprehensive Risk Management: Our services include detailed business risk assessments, ongoing monitoring, and transaction scrutiny to prevent and detect money laundering layering and other illicit activities.
Dedicated Support: We offer continuous support with AML compliance checklists, staff training, and external audits, ensuring that your AML framework remains effective and up-to-date.
Choose AM Audit for unparalleled AML expertise and a commitment to protecting your business from money laundering risks.
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Al Shoala Building ,Block # E, 7th Floor Office No : 706. Port SAEED- DEIRA, DUBAI – UAE PO BOX- 64220
+97143231738
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Frequently Asked Questions
What is the role of Designated Non-Financial Businesses and Professions (DNFBPs) in AML compliance?
DNFBPs, such as real estate agents, lawyers, and auditors, are required to adhere to AML regulations, including customer due diligence and reporting suspicious activities.
How does AML compliance impact business operations in the UAE?
AML compliance involves implementing robust systems for transaction monitoring, risk assessments, and staff training. It affects operational procedures and helps prevent financial crime.
What are the key components of an effective AML program?
An effective AML program includes risk assessment, customer due diligence (CDD), transaction monitoring, record-keeping, staff training, and ongoing reviews.
How can businesses prepare for AML inspections and audits?
Businesses should maintain accurate records, ensure staff are trained, and regularly review and update their AML policies and procedures. Preparing for inspections involves having up-to-date documentation and demonstrating compliance.
What are the recent updates to AML laws in the UAE?
Recent updates under Federal Decree-Law No. 7/2024 include the establishment of a National Committee for Combating Money Laundering and Terrorism Financing, effective July 29, 2024, to oversee national AML efforts. Additionally, a Supreme Committee has been created to supervise and enhance the AML strategy, assess its effectiveness, propose legislative changes, and ensure coordination with relevant entities.
What is the new National Strategy for Anti-Money Laundering in the UAE for 2024-2027?
The UAE has unveiled its National Strategy for Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing for 2024-2027. Approved by the Cabinet on September 2, 2024, this strategy includes 11 strategic goals supported by legislative and regulatory reforms. It focuses on enhancing risk-based compliance, improving national and international coordination, and strengthening the detection and investigation of illicit activities.
What is Anti-Money Laundering (AML)?
Anti-Money Laundering (AML) refers to a set of regulations and procedures designed to prevent the use of the financial system for laundering illicit funds. The process of money laundering generally involves three stages: Placement (introducing illegal money into the financial system), Layering (conducting complex transactions to obscure the money’s origins), and Integration (reintroducing the laundered funds into the legitimate economy).
What are Common Money Laundering Techniques?
Common money laundering techniques include smurfing (breaking large amounts of money into smaller, less suspicious transactions), using cash couriers (physically moving large sums of cash across borders), invoice fraud (manipulating invoices to hide illicit payments), engaging in real estate transactions (buying property to clean money), and establishing shell companies (creating fake businesses to conceal ownership).
What are Types of Suspicious Activities?
Suspicious activities include large cash transactions without a clear reason, irregular transaction patterns that deviate from a customer’s typical behavior, structured transactions (breaking down large amounts to evade reporting), involvement of shell companies or unrelated parties in transactions, and dealings with entities or individuals from high-risk jurisdictions known for money laundering or terrorist financing.
