Compliance Solutions
Comprehensive compliance solutions tailored for Financial Institutions, Virtual Assets Service Providers (VASPs), Designated Non Financial Businesses and Professions (DNFBPs) including Real Estate Agents and Brokers, Dealers in Precious Metals and Stones, Auditing and Accounting firms, Lawyers, Notaries and other legal professions, Trust and corporate service providers.
Our compliance solutions ensure adherence to local and international regulatory standards, mitigate legal and financial exposure, and support sustainable business growth. This includes:
Acting as your dedicated Money Laundering Reporting Officer, we oversee your AML compliance program, manage regulatory interactions, and provide strategic guidance to mitigate risks.
Complete management of AML registration processes with the UAE Financial Intelligence Unit, ensuring your organization remains fully compliant.
Developing, documenting, and implementing bespoke AML and KYC policies and procedures, tailored to your business model and risk profile, fully aligned with applicable regulatory requirements and designed to withstand any inspections, audits, and reviews by the relevant regulatory authorities.
Our screening services leverage compliance technology with global coverage of sanctions, PEP, AML, and adverse media lists. This enables accurate identification, generation of AML screening reports on individuals and corporates, Multilingual screening (Arabic, English, and more), Name matching across different scripts and character sets, Accurate results across borders, minimizing false positives, and effective risk management.
Providing continuous support to maintain a robust compliance environment, including monitoring regulatory changes, advising on internal compliance matters, and assisting with audits and inspections.
Performing periodic and ad-hoc risk assessments to identify vulnerabilities within your operations, clients, and products, enabling proactive mitigation strategies and informed decision-making.
Preparing regulatory reports in accordance with applicable AML/CFT regulations as per requirement, including Suspicious Transaction Report (STR), Suspicious Activity Report (SAR), Fund Freeze Report (FFR), Partial Name Match Report (PNMR), Real Estate Activity Report (REAR), Dealers in Precious Metals and Stones Report (DPMSR), High Risk Country Transaction Report (HRC), High Risk Country Activity Report (HRCA).
What is AML and its importance in the UAE?
Anti-Money Laundering (AML) refers to a set of laws, regulations, and procedures aimed at preventing the concealment of illegally obtained funds within the legitimate financial system. In the UAE, AML plays a critical role in safeguarding the integrity of the financial and commercial environment and ensuring alignment with international regulatory standards. The UAE has established a robust AML framework under Federal Decree-Law No. (20) of 2018 to combat money laundering and the financing of terrorism.
Who is required to comply with AML laws in the UAE?
AML compliance is mandatory for all financial institutions and Designated Non-Financial Businesses and Professions (DNFBPs). This includes, among others, real estate brokers, auditors, lawyers, notaries, corporate service providers, and dealers in precious metals and stones.
What are the key AML laws and regulations in the UAE?
The primary AML legal framework in the UAE includes: –
- Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism
- Cabinet Decision No. (10) of 2019, which sets out the implementing regulations and compliance obligations
What is the function of the UAE Financial Intelligence Unit (FIU)?
The UAE Financial Intelligence Unit (FIU) is responsible for receiving, analysing, and assessing suspicious transaction reports and other relevant information related to money laundering and terrorism financing submitted by financial institutions and DNFBPs
What are the penalties for AML non-compliance?
Failure to comply with AML requirements may result in significant administrative and financial penalties. Fines can range from AED 50,000 to AED 1,000,000, depending on the nature and severity of the violation, in addition to potential regulatory and reputational consequences.
How frequently should AML policies be reviewed and updated?
AML policies should be reviewed and updated on a regular basis to reflect changes in regulations, risk exposure, and business operations. While no specific review period is mandated by law, annual reviews are widely regarded as best practice, with interim updates as required.