AED 1.15 Million in Fines: A Wake-Up Call for High-Risk Industries in the UAE
In a significant move that underscores the UAE’s commitment to financial integrity, the Securities and Commodities Authority (SCA) has levied AED 1.15 million in administrative fines against several companies for breaches of anti-money laundering (AML) and counter-terrorism financing (CFT) regulations. Breakdown of Penalties The fines include: AED 650,000 for general regulatory breaches AED 500,000 for […]
Anti-Money Laundering in the UAE
Every country has faced problems related to money laundering, but measures are being taken for avoiding crimes related to finance terrorism and the ones that are organized. In the interests of protection against the potential to launder money and funding for terrorism, the government of UAE preserves a robust system for anti-money laundering (AML). Efforts […]
How To Ensure if Your Company is AML/CFT Compliant
Integrating the financing of terrorism (CFT) mechanisms and anti-money laundering (AML) strategies with your business operations can be a bit challenging. It becomes even more complicated when you have the most complex business structure, especially in size. The downsides of non-conformity to CFT/AML benchmarks are huge. They include muscular fines, financial sanctioning, and many others. All these […]
