Anti Money Laundering (AML) compliance in the UAE is not only not just a legal need, it's a precautionary measure for safeguarding your business from financial crime and reputational risks. Tough legal standards are being imposed by bodies such the Central Bank of UAE and Ministry of Economy thus businesses have a must in place strong AML frameworks for transparency and integrity.
AML Compliance is all the policies, procedures and controls that companies put in place to detect, prevent and report on money laundering and terrorist financing. These are managed under Federal Decree-Law No. 20 of 2018 and other regulatory guidelines in the UAE by businesses to conduct themselves upright within the law.
Why AML Compliance Is Important?
Fine and Penalties:
Non-complying will result in a heavy fine, license may be cancelled or have to face criminal charges.
Shield your reputation:
Having an AML compliance protects you as a client and with the partners, it builds trust with the regulators.
World-Wide Standards:
The UAE is further established as an international business hub to the best international AML standards.
Risk Management:
Raising and responding to financial crime risks keep your business safe from frauds and fines.
Key Components of AML Compliance
Identify the Risk:
With specific money laundering risks relevant to your business, the first step is to identify these risks.
Internal Policies:
Expand and enforce AML policies, protocols, and controls relevant with your operations.
Customer Due Diligence:
Perform extensive background checks on customers and keep records on transactions to avoid any difficulty in taxation.
Report Suspicious Transactions:
If you notice any suspicious activity transaction report (SARs), submit it to the UAE FIU.
How We Can Help
The AML compliance landscape in, Gulf region (particularly UAE is complex but our experts are here for simplifying it, we will have
- AML Assessment: Tailored strategies to check on how you could be vulnerable
- AML Policy development: Appointing bespoke AML framework suited to the UAE legislation and your business.
- Training and development: AML workshops and awareness for your team.
- Ongoing help: Ongoing supervisions and changes to fit in with law.
Compliant with ethical business practices in the UAE:
Partnering with seasoned professionals of Proxcel Consulting ensures that your business comply with the regulatory requirements, lowers risks and protects your reputation on a global market. We are here to help you create a future, where it is hard for criminals to operate.
