Compliances
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Anti Money Laundering (AML) Compliances
Money laundering and terrorism financing pose a significant threat to the stability and security of any nation’s financial system, making AML/CFT compliances in the UAE a crucial aspect of the financial sector. Having a solid Anti-Money Laundering (AML) strategy in place is crucial for your business. In light of stringent government regulations against money laundering and terrorism financing, staying compliant has become increasingly complex.
The UAE has robust AML/CFT regulations in place to combat money laundering and terrorism financing. The regulations outline the responsibilities of financial institutions, including banks, insurance companies, and other businesses, to implement and maintain effective AML/CFT policies and procedures.
The law related to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) applies to two categories of entities in the UAE.
- Banking Sector
- Exchange Houses
- Insurance And Reinsurance Sector
- Securities And Stockbrokers
- Other Financial Services Providers
- Real Estate sector
- Auditors and Accountants
- Lawyers, notaries, and other legal professionals
- Company and trust service providers
- Dealers in precious metals and stones
Key components of the AML/CFT Regulations
Business can protect themselves from Money Laundering and Terrorism Financing
Implementing strong anti-money laundering policies and procedures
Conducting regular risk assessments
Proper due diligence of clients and transactions
Providing ongoing training and awareness to employees
Maintaining strong relationships with regulatory bodies and law enforcement agencies
Enforcement of the AML/CFT regulations in the UAE is taken very seriously, and non-compliance can result in significant penalties and reputational damage.
Anti Money Laundering (AML) Compliances
Our team of experts has extensive knowledge of both local AML/CFT regulations and international best practices, as well as a proven track record of successfully helping clients navigate these complex compliance requirements.
Our services for compliance to AML/CFT compliances includes:
Ultimate Beneficiary Owner (UBO)
Cabinet Resolution No. (58) of 2020 regulating Beneficial Owner Procedures (the “Resolution”) came into effect on 28 August 2020. The Resolution requires entities licensed in the UAE (unless exemptions apply) to prepare and file an Ultimate Beneficial Owner (“UBO”) register, Nominee Director register (if applicable) and a Partners or Shareholders register, with the relevant authority within sixty (60) days from the date the Resolution came into effect, being 27 October 2020, or by the date the entity is established.
Entities must notify the relevant authority of any change or amendment to the information provided within fifteen (15) days of such change or amendment.
The Resolution applies to all entities licensed in the UAE, excluding the following.
Entities in financial free zones (Abu Dhabi Global Markets and Dubai International Financial Centre); and.
Entities which are directly or indirectly wholly owned by Federal or Emirate government
Our team of expert can help.
Prepare registers of the UBOs, Partners / Shareholders and Nominee Directors / Managers (if applicable), in accordance with the Resolution.
Arrange filing with the authorities.
Maintain the relevant registers on a dedicated company secretarial database on an ongoing basis.
Inform the relevant authority of any changes or amendments to the information provided.
Compliances Services Dubai, UAE.
Scope of Risk Advisory Services in the UAE
ETAA Ease Tax & Accounting Advisory
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Neha Agarwal | Senior Manager Taxation
FAQ
Compliance is critical to safeguard your business from legal risks, financial penalties, and reputational damage. By ensuring your organization adheres to relevant regulations and industry standards, you protect your business from non-compliance issues, which could harm your operations and stakeholders.
We start by performing a thorough compliance audit to identify any gaps or risks in your current processes. Then, we work with you to create a customized compliance strategy that covers relevant regulations. We assist with policy creation, employee training, implementation of compliance frameworks, and provide ongoing monitoring to ensure continued adherence.
We offer continuous compliance monitoring and support, which includes regular audits, updates to your policies based on changing regulations, and training for your employees. We can also provide a compliance management system (CMS) to automate and streamline compliance tasks, helping to stay on top of any evolving requirements.
