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AML/CFT COMPLIANCE SERVICES UAE

AML/CFT Compliance Guidance Services in the UAE

AML/CFT Compliance Requirements in the UAE

Federal Decree No. (20) of 2018 serves as a key foundation for the UAE’s efforts in combating money laundering and the financing of terrorism (AML/CFT). This Decree mandated the creation of

  • a committee dedicated to AML/CFT objectives, under the chairmanship of the Governor of the CBUAE; and
  • an independent Financial Information Unit (FIU) to receive and investigate all reports submitted by financial institutions and other corporate establishments regarding the suspected illicit financial activity.

As implemented by Cabinet Decision No. (10) of 2019, Federal Decree No. (20) of 2018 has raised the effectiveness of the AML/CFT legal and institutional framework of the nation, in line with FATF requirements and recommendations.

The reporting and compliance under this Regulation have gained momentum with the introduction of the new GoAML Platform and strict guidelines from the Regulator.

It is mandatory for the following specified businesses to comply with the Regulations.

 

AML/CFT Compliance Services

Emirates Chartered Accountants Group[ECAG] – AML/CFT Compliance and Certification Services Dubai, UAE.

Failure to adapt to evolving requirements can result in penalties and legal repercussions.

An effective framework should be developed in accordance with the regulator’s guidelines, ensuring compliance with Federal Law 20 of 2018, as amended by Federal Law 26 of 2021. This framework should also adhere to Cabinet Decision No. 10 of 2019, Cabinet Decision No. 58 of 2020, Cabinet Decision No. 74 of 2020, and the various guidelines, circulars, notices, and standards issued periodically.

The foundational pillars that support the development of an effective AML/CFT Compliance Program can be categorized as follows:

The expert team at Emirates Chartered Accountants Group can assist in developing, implementing, and enhancing compliance frameworks across various sectors, including Designated Non-Financial Businesses and Professions (DNFBP), banking, insurance, exchange houses, and more.

Our range of services includes:

AML Policy and Procedures:

  • Designing, Reviewing, updating AML / CFT Policy and Procedures
  • Drafting of AML/CFT Policy and Procedures manual
  • Review and updation 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 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
  • Review of existing core solutions, risk profiling, screening, and monitoring software solutions
  • Conduct software demos

Compliance Assistance:

  • Assistance in registration on the GoAML Portal
  • Guidance to AML Compliance Officer for performing his day to day function
  • Assistance in conducting EDD for High-risk customers
  • Assistance in preparation of statutory reports 
  • Assistance in Screening of customers and counterparty
  • Conducting Audits/reviews as per statutory requirements, including agreed-upon Procedures Audit (AUP Audit)
  • Assistance in preparation of documentation standards

AML Awareness Program:

  • Conducting AML/CFT awareness program for staff
  • Conducting AML/CFT awareness program for Senior Management and Board of directors
  • Conducting role-specific awareness programs covering Screening, Transaction Monitoring, Due Diligence, etc.

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