AML Compliance
Anti-MoneyLaundering
Compliance
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AML Compliance
In UAE
The UAE is one of the global hubs for finance and international trade. The country was not having corporate tax before and has also several free trade zones. These free trade zones are the reason for attraction to big businesses, but it provokes the risk of money laundering and terrorist financing. The government of the UAE has strict AML laws and regulations to keep these threats away.
The UAE has been active and has taken significant steps in regulating the AML laws in the country. Anti-money laundering compliance in UAE is very important to avoid penalties. The UAE has updated the Guidelines for Financial Institutions which was issued in June 2021. The UAE has also established a New specialized money laundering court to prevent cases of money laundering in the UAE.
It is crucial for the business to have anti-money laundering compliance to avoid problems. Businesses in UAE must comply with all the AML regulations. We help people to better understand their due taxes like VAT and corporate tax in the UAE. This consultation helps people to avoid errors or late submission of the tax.
Who Should Follow
AML Compliance?
Both international and domestic companies being operated in the UAE need to follow AML-CFT LAW. These three types of entities must comply with AML regulations:
- Non-Profit organizations.
- Financial institutions.
- Designated non-financial professions and businesses.
- Who regulates AML compliance in UAE?
The Central Bank of the UAE established a special department to monitor and regulate all the matters related to anti-money laundering and combating the financing of terrorism. The Anti-money laundering Combating the Financing of terrorism Supervision Department deals with these three main objectives:
- To examine licensed finances
- To ensure adherence to the UAE’s AML legal and regulatory framework.
- To identify vulnerabilities, threats, and emerging risks to the financial sector of UAE.
- This department makes sure to monitor AML policies and procedures
Main AML Regulations In UAE
There are many regulations to follow for AML in UAE, but these are the most important ones:
This is the main law for anti-money laundering and combating the financing of terrorism in UAE for illegal activities by organizations.
This concerns the implementation of Regulation of Degree-Law No. (20) of 2018 on Anti-Money laundering and combating the financing of terrorism and illegal organizations.
If the person acts unlawfully and commits one of these crimes:
Transfer proceeds of crime to disguise its illicit origin.
Conceal the true origin, location, nature, and rights related to any ownership or proceedings.
Acquire, use, or possess such disguised proceedings.
Assist the perpetrator of the offense to escape punishment.
In the UAE, these offenses are committed by the offenders:
Bank and Loan fraud
Bounced cheques
Credit Card Fraud
Embezzlement
Forgery
Money Laundering
Get The Best Assistance
We will help you to reduce the fraud losses in your businesses. We are one of the best companies in UAE that assists to identify the risks in business and provides the best guidance to comply with anti-money laundering rules and regulations. We are available to discuss anti-money laundering compliance in UAE.
We are also providing completely reliable and innovative solutions to all your requirements regarding accounting and bookkeeping, auditing, and other services.
If you want to reach out to our accountants for a meaningful discussion on anti-money laundering compliance in UAE, connect with us.
FAQ’s
The Central Bank of the UAE has set up a dedicated department to handle all anti-money laundering matters and to detect the financing of terrorism. It is important for the businesses in UAE to detect the money-laundering issues.
Companies in UAE must comply with the AML rules and the Bank Secrecy Act. The purpose of the AML rules is to help report and detect suspicious activity including offenses of money laundering and terrorist financing. If some entity fails to register according to the rules, then this will result in penalties.
An anti-money laundering compliance program helps business to uncover suspicious activity associated with some criminal acts. AML compliance makes businesses free from any kind of criminal activity or money laundering.
If some businesses fail to comply with anti-money laundering can have serious consequences. Such consequences include criminal proceedings, punitive fines, sanctioning, and a damaged reputation.
Businesses can ensure AML compliance by closely reviewing written policies on Anti-Money Laundering. Businesses can watch out for money laundering red flags and try to comply with government regulations.
These are the primary services ebs provide for anti-money laundering compliance:
Accounting & Bookkeeping, Tax Agent, Business consultancy, VAT services, and Audit and Assurance.
The best way to stay updated is to keep reviewing the policies of AML regulations in UAE and laws. Keep checking the official websites to know the updated laws and regulations in UAE about anti-money laundering.
