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Anti-Money Laundering – AML

As a committed member, the United Arab Emirates (UAE) contributes to Global Anti Money Laundering – (AML) efforts and combating financing of terrorism (AML/CFT), and strives to fully implement the standards set by the International Financial Action Task Force (FATF). In 2018, the UAE identified a number of areas in which the risks of money laundering and terrorist financing are high.

Federal Decree-Law No. (20) of 2018 on Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations, and its Implementation Regulation was issued.

Click here to view the AML Law

Money laundering is defined as: “Any financial or banking transaction aimed at concealing or changing the identity of illegally obtained funds by passing them through the financial and banking system in order to make them appear as originating from legitimate sources, and then re-pumping and investing them in a legal manner contrary to their real nature”.

According to Circular Issued by Ministry of Finance:

  • Brokers and Real Estate Agents
  • Dealers in Precious Metals and Precious Stones
  • Independent Accountants
  • Provider of Corporate Services

COMPLIANCE REQUIREMENTS

The above listed business sectors shall comply with the AML regulations, for which the following steps are required to be performed.

  1. Appoint a Compliance Officer (duties of which are defined under Article (21) of the Implementation Regulations No. (10) of 2019 for Federal Decree-law No. (20) of 2018).
  2. Perform the Due Diligence Measures (requirements listed under Implementation Regulations No. (10) of 2019 for Decree-law No. (20) of 2018).
  3. Report Suspicious Transactions: (Guidelines provided in Chapter Three Article 13, Chapter Four Point 2 of Article 15, Chapter Five Article 16, 17).

Note: In the event of non-fulfilment of the requirements stated above, this shall result in the suspension of your business license as directed by the Ministry of Economy to respective Licensing Authorities

DEADLINE AND PENALTIES

  • The last date to register on the GoAML Platform is 31st March 2021.
  • Failure to register before the deadline will lead to financial penalty of AED 50,000 to 5 Million.

How WISE Can Help You?

While the registration and compliance of the above regulation is a Complex Task that requires multiple areas of Focus and Expertise, Our team of Qualified Experts will not just help you in registering your company on GoAML Platform but we will also assist you in:

  • Risk Assessment
  • Preparation of Policies and Procedures for mitigating the Risk of ML
  • Review of Transactions
  • Know Your Customer (KYC) and Customer Due Diligence (CDD) Checks

For further information about registration, legislation guidance, or instructions related to Anti-Money Laundering and Combatting of Financing Terrorism, Contact WISE CONSULTANCY at tax@wisefinance.info or via phone by calling +971561204624 or +971526992184.

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