Anti-Money Laundering (AML) in Dubai, UAE
Anti-Money Laundering (AML) is the procedure aimed at preventing activities that facilitate the acquisition of illegal earnings. Compliance with law no. 20 of 2018 on AML in the UAE is mandatory for Accountants and Auditors, Real estate agents, Precious metals and gemstone dealers, and business service providers. The United Arab Emirates (UAE) is committed to contributing to global Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT), and is committed to fully implementing the standards set by the Financial Action Task International. Financial Action Task Force (FATF) concerning anti-money laundering compliance. In 2018, the UAE’s first national risk assessment on money laundering and terrorist financing was carried out.
The assessment helped the UAE government identify several high-risk areas of possible terrorist financing and money laundering. In 2019, The FATF assessed and reviewed the international standards requirements and identified multiple areas, that would benefit from a national framework to tackle terrorist financing and money laundering.
The Federal decree-law n. (20) of 2018 on money laundering and terrorist financing, as well as on the financing of illegal organizations, was issued together with the related implementing regulation. It is a legislative framework that criminalizes terrorist financing and money laundering activities, and takes advantage of the effectiveness of the legal framework in implementing measures. Procedures that contribute to efforts to combat money laundering and the financing of terrorist activities and illegal organizations / prohibited. This comes with the requirement of strict anti-money laundering compliance in the UAE for all possible stages of money laundering.
The competent authorities of the UAE have established an institutional system to monitor, Collect, and control information on all activities and operations that may lead to financial crimes to be able to tackle such crimes. Including those related to the financing of terrorism and money laundering. The UAE authorities realize that the national framework along with the CFT / AML coordination needs to be further developed to improve its effectiveness. MASAR Chartered Accountants have detailed knowledge and experience concerning AML compliance.
Anti-Money Laundering Compliance Services?
Our anti-money laundering (AML) investigation and monitoring services in the UAE help provide meaningful data-driven insights, and skilled resources to identify suspicious financial assets faster and more accurately to reduce the number of false positives and improve the efficiency of AML processes.
We provide AML advisory services to a variety of designated non-financial businesses and professions in the UAE, not only do we ensure that your business remains 100% compliant with anti-money laundering regulations, but we also provide detailed training to your staff so they can contribute to compliance too.
Our range of services includes:
AML Policy and Procedures
- Designing, Reviewing and updating AML / CFT Policy and Procedures
- Drafting of AML/CFT Policy and Procedures Manual
- Review and updating of existing AML / CFT Policy and Procedures
- Drafting of Anti-Bribery and Anti-corruption Policy
Risk Assessment and Risk Profiling
- Review of customer risk assessment methodology
- Assisting in the development of a customer risk assessment model considering NRA guidelines
- Assisting in preparation of Risk Register – Risk identification and mitigation
AML/CFT Health Check
- Gap Assessment
- Periodic review of onboarding documentation and transactions
AML IT Systems
- Assistance in the selection of appropriate AML/CFT software
- Conduct software demos
- Review of existing core solutions, risk profiling, screening, and monitoring software solutions
Compliance Assistance
- Assistance in registration on the goAML Portal
- Guidance to AML Compliance Officer for performing his day-to-day function
- Assistance in conducting ED for High-risk customers
- Assistance in the preparation of statutory reports
- Assistance in Screening of customers and counterparty
- Conducting Audits/reviews as per statutory requirements
- Assistance in the preparation of documentation standards
Anti-Money Laundering Legal Requirements:
Keeping up with ever-changing anti-money laundering regulatory requirements is a major challenge for businesses around the world, even your slight negligence can have serious consequences, such as loss of penalties, loss of reputation, and even legal proceedings. Therefore, it makes a lot of sense for you to turn to the best AML consultancy firm in Dubai, UAE for the support you need to avoid unpleasant events.
Learning wrinkles from someone with more experience in the field not only gives you peace of mind but also saves you a lot of time, whether you are starting a business in Dubai or anywhere in the world, Implementing a powerful anti-money laundering system throughout your business is critical. Strict AML regulations imposed by government agencies, and growing anti-money laundering compliance requirements have made compliance difficult. Hence the need to seek the advice of an experienced business configuration consultant in Dubai.
MASAR is an award-winning business consulting firm based in Dubai, UAE. Having experienced professionals who go out of their way to provide quality AML consulting services for your entire AML trip, because we understand that compliance with AML is not only fundamental for companies, but it is also a social commitment for them.
Why Consult AML Compliance?
The fact that the regulatory environment for AML compliance becomes more complicated day by day. Authorities from nations around the world issued unprecedented money laundering penalties in 2020 which is Five times more than the previous year’s totals. Recently, in August 2021, Dubai announced a special court focused on combating money laundering to “strengthen the integrity of the financial system,” according to the emirate’s press office. In January of this year (2021), the UAE imposed sanctions of $ 12 million on banks that broke anti-money laundering laws. You can understand how important it is to conduct AML compliance.
To avoid these kinds of exciting moments or unpleasant incidents, you need to have an expert by your side who can ensure that your business runs smoothly and cleanly with all aspects compliant with anti-money laundering legislation. Before hiring advice for your anti-money laundering compliance advice, make sure your company executives are aware of the ever-changing regulations of the anti-money laundering laws, and when you turn to MASAR regarding your AML service requirements, you can sit back and relax knowing that you are in the right place, a place where AML consultants provide first-rate services to customers who like to keep up to date with the latest updates and share them more.
MASAR’s expert AML consultants never hesitate to share any important information about the law with their clients and how best to implement it in their organization and comply with anti-money laundering regulations. We look forward to meeting your AML requirements.
Services for anti-money laundering legal requirements
Keeping up with ever-changing anti-money laundering regulatory requirements is a major challenge for businesses around the world. Even your slight negligence can have serious consequences, such as loss of penalties, loss of reputation, and even legal proceedings. Therefore, it makes a lot of sense for you to turn to the best anti-money laundering consultancy firm in Dubai. UAE for the support you need to avoid unpleasant events.
MASAR is an award-winning business consulting firm based in Dubai, UAE. having with the most competitive experienced professionals who go out of their way to provide quality AML consulting services to the organization, because we understand that compliance with AML is not only fundamental for companies, but it is also a social commitment for them. We are looking forward to providing you the most competitive AML compliance consulting services.