Anti-Money Laundering (AML)

With growing global concerns about terrorism, illegal money laundering, and terrorism financing, governments all over the world are enacting stringent laws to protect their economies, peace, law, and order.

As a UN member state, the UAE has recently increased its regulatory requirements for anti-money laundering and counter-terrorism financing, and has promulgated cabinet decisions and regulations under Federal Law No. 20 of 2018 on countering money laundering crimes, combating terrorist financing, and financing illegal organisations, which imposes severe penalties, including hefty fines, for AML Law/By law violations and non-compliance.

The Central Bank of the UAE’s Financial Intelligence Unit (FIU) launched the anti-money laundering platform ‘GoAML,’ which was developed by the United Nations Office on Drugs and Crime (UNODC) to report and combat organised crime.

The information and reports recorded in the GoAML platform can help the FIU form the basis for investigations into money laundering, terrorist financing, and other serious crimes. Registered users can get the most up-to-date information and updates on the list of targeted financial sanctions.

All supervised entities are required to register on the GoAML platform.

Financial institutions (“FIs”) and Designated Non-Financial Business Persons (“DNFBPs”) are subject to AML laws and By-laws governing registration and reporting.

All entities regulated by the Central Bank or other financial authorities, such as The Insurance Authority, The Securities and Commodities Authority, Abu Dhabi Global Markets, and the Dubai Financial Services Authority, are classified as FIs.

DNFBPs are non-financial businesses that are more likely to be involved in money laundering and terrorist financing. Gold & other Precious Metal Traders, Real Estate Agents, Corporate Service Providers, and Auditors are examples of AML / CFT entities in the UAE (controlled by the Ministry of Economy (MoE)). These entities must register with the GoAML system. The MoE has granted these entities access to the GoAML platform.

The minimum statutory requirements for these supervised entities are:

  • To recognize, evaluate ad understand risks
  • To appoint a compliance officer to fulfil the needs of the relevant Supervisory Authority
  • To ensure that the required management and information systems, internal controls, policies and procedures to mitigate risks are in place
  • To ensure that the indicators to recognize suspicious transactions are in place
  • To maintain adequate records

Risk Management

  • Assistance in understanding potential compliance risks within your business
  • Advice on mitigation of such risks by incorporating required compliance checks into your corporate and commercial system

Compliance Assistant

  • Assistance with registration on GoAML platform
  • KYC Checks on customers
  • Enhanced Due diligence on customers

AML Policies And Procedures

  • Assistance in preparation of policies and procedures that comply with the ever emerging AML laws and regulations
  • Gap assessment on existing policies and recommendations for enhancement for compliance
  • Assistance in record-keeping. Records have to be maintained for a minimum of 5 years

At MARS we are ready to offer the following AML and CFT compliance-related functions to your company in order to safeguard your interests and rights.

Contact
Mr Mustafa Saifuddin
Managing Partner
M: 056-4133477
E: mustafa.saifuddin@marsgroup.ae