Are you Subject to the UAE
Anti-Money Laundering Regulations?
SCOPE
The UAE Anti Money Laundry Regulations apply on regulated sectors referred to as Designated non-Financial Businesses and Professions (“DNFBPs”) and include:
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Real Estate Brokers and Agents
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Dealers in of Precious Metals and Stones
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Independent Accountants (Auditors), and lawyers, notaries, and other independent legal professionals
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Company Services Providers
Do I Fall Under the DNFBPs Scope?
The following will help you in identifying if you or your business fall under the scope of the DNFBPs:
Real Estate Brokers and Agents
Brokers and real estate agents when they conclude operations for the benefit of their customers with respect to the purchase and sale of real estate.
Dealers in of Precious Metals
and Stones
Those involved in the production of precious metals or precious stones; an intermediate buyer or broker; precious stone cutter and polisher; precious metal refiner; and/or a jewelry manufacturer. These include gold, silver, platinum, diamonds and others.
Further, dealers in precious metals and precious stones in carrying out any single transaction or several transactions that appear to be interrelated or equal to more than AED 55,000.
Independent Accountants (Auditors)
Lawyers, notaries, and other independent legal professionals and independent accountants, when preparing, conducting, or executing financial transactions for their customers.
Company Services Providers
Providers of corporate services and trusts upon performing or executing a transaction on the behalf of their customers.
Do you still have questions on the Scope of the UAE Anti-Money Laundry, shoot us a text or WhatsApp message on:
COMPLIANCE
Appointment of Compliance Office
2. Performing Due Diligence Measures
3. Reporting Suspicious Transactions
4. Registration in the Automatic Reporting System for Sanction Lists
Designated non-Financial Businesses and Professions
5. Identify and Report Suspicious Transactions
6. Maintain Adequate Records of all the Previous Points
We have identified now if you are within or not within the scope of the UAE Anti Money Laundry Regulations. Now comes compliance; and the following is required from you:
1. Appointing a Compliance Officer
Here is a template of a letter appointing you Compliance Officer:
Feel free to message me on LinkedIn for any specific questions the UAE goAML Regulations
PENALTIES
The UAE Anti Money Laundry regulations impose various penalties for the different non-compliance acts. The best way to shed light on the penalties is to attach an extract of the penalties’ articles here:
Take a note of the severity of the penalties; they are avoidable and so follow and implement the compliance requirements to avoid unnecessary costs and business interruption.
We are in the process in developing a generic UAE Anti Money Laundry Policy to offer it as a guidance and starting point for your business. Message us the word goAML Policy to share it with you once it is ready.
Penailties for UAE Money Laundery
Further Questions? Do send us an email and we will get back to you as soon as possible.
