Anti-Money Laundering (AML) in the UAE

Beyond View - Anti-Money Laundering (AML) in the UAE
What Laws in Your Jurisdiction Prohibit Money Laundering?
Money laundering is a serious crime in the UAE, with stringent laws in place to combat it. The primary legislation governing anti-money laundering (AML) in the UAE is Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism (AML Law), and its implementing regulations. These laws set the legal framework to detect, prevent, and punish money laundering activities. The UAE Central Bank, the Financial Intelligence Unit (FIU), and other relevant authorities work together to enforce these regulations, ensuring that the financial system is safeguarded against illegal activities.
A Guide to Anti-Money Laundering (AML) Laws in UAE | 2024

Understanding the AML laws in the UAE is crucial for businesses and individuals to ensure compliance and avoid severe penalties. The key components of the UAE’s AML framework include:

  1. Customer Due Diligence (CDD): Financial institutions must perform thorough checks on their customers, verifying their identities and assessing the risks they may pose.
  2. Suspicious Activity Reporting (SAR): Entities must report any suspicious transactions to the Financial Intelligence Unit (FIU) promptly.
  3. Record Keeping: Businesses are required to maintain detailed records of transactions and customer information for a minimum period, as specified by law.
  4. Internal Policies and Training: Companies must develop internal AML policies, conduct regular training for employees, and ensure robust internal controls are in place to detect and prevent money laundering.
AML Law in UAE

The AML Law in the UAE outlines severe penalties for non-compliance, including hefty fines and imprisonment. Key aspects of the AML Law include:

  • Obligations for Financial Institutions: Banks, insurance companies, and other financial entities must implement comprehensive AML measures.
  • Designation of Compliance Officers: Businesses must appoint compliance officers responsible for overseeing AML policies and procedures.
  • International Cooperation: The UAE collaborates with international bodies and other countries to combat money laundering and terrorism financing, ensuring global standards are met.

By adhering to these laws and regulations, businesses in the UAE can protect themselves from the risks associated with money laundering and contribute to the integrity of the financial system.

For detailed information and guidance on complying with AML laws in the UAE, consult with legal experts in Beyond View. Compliance is not only a legal obligation but also a crucial step in maintaining the trust and integrity of the financial markets.

Checklist of Core AML Regulations in UAE
  1. Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism (AML Law):
  • Establishes the legal framework for AML compliance.
  • Defines money laundering and related offenses.
  • Sets out the roles and responsibilities of financial institutions and other regulated entities.
  1. Cabinet Decision No. 10 of 2019:
  • Implements the AML Law with detailed guidelines.
  • Mandates customer due diligence (CDD) and enhanced due diligence (EDD).
  • Requires the reporting of suspicious activities.
  1. Financial Intelligence Unit (FIU) Regulations:
  • Details the process for submitting Suspicious Activity Reports (SARs).
  • Outlines the responsibilities of the FIU in monitoring and investigating AML compliance.
  1. Central Bank Regulations:
  • Sets AML guidelines for banks and financial institutions.
  • Enforces compliance through regular audits and inspections.
  1. AML Compliance Program Requirements:
  • Development of internal policies and procedures.
  • Regular employee training on AML laws and regulations.
  • Appointment of a compliance officer.
  1. Record Keeping Requirements:
  • Maintenance of transaction records and customer information for at least five years.
  • Ensures availability of records for regulatory inspections.
  1. International Cooperation:
  • Adherence to international AML standards and cooperation with global AML bodies.
  • Participation in cross-border information sharing.
How Beyond View Can Help in AML Services in UAE

At Beyond View, we offer comprehensive Anti-Money Laundering (AML) services to help businesses in the UAE comply with all regulatory requirements and mitigate the risks associated with money laundering and terrorist financing. Here’s how we can assist:

  1. AML Compliance Programs:
  • We design and implement tailored AML compliance programs that meet the specific needs of your business.
  • Our programs include developing robust internal policies and procedures, conducting risk assessments, and ensuring effective controls are in place.
  1. Customer Due Diligence (CDD):
  • Our team assists with the implementation of CDD and enhanced due diligence (EDD) processes.
  • We ensure that your business correctly identifies and verifies customers and assesses their risk levels.
  1. Suspicious Activity Reporting (SAR):
  • We guide your business in identifying suspicious activities and reporting them to the Financial Intelligence Unit (FIU).
  • Our experts help streamline the SAR process to ensure timely and accurate reporting.
  1. Training and Awareness:
  • Beyond View provides comprehensive training programs for your employees, ensuring they understand AML regulations and their role in compliance.
  • We conduct regular workshops and seminars to keep your team updated on the latest AML developments and best practices.
  1. Ongoing Compliance Support:
  • We offer continuous support to ensure your business remains compliant with AML regulations.
  • Our services include regular audits, compliance reviews, and updates to your AML policies and procedures as needed.
  1. Legal and Regulatory Guidance:
  • Our in-house experts provide legal and regulatory advice to help you navigate the complexities of AML laws in the UAE.
  • We assist with the preparation and submission of all necessary documentation to regulatory bodies.

Partner with Beyond View for reliable and effective AML services in the UAE. Let us help you safeguard your business and maintain compliance with all AML regulations, ensuring peace of mind and the integrity of your operations.

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