Anti- Money Laundering (AML) Reporting
Being part of the Global move, the UAE extends cooperation with the world by introducing regulations in line with the international standards on anti-money laundering and in countering the financing of terrorism. With this drive, AML laws has been issued in the country to that gives legislative and legal structure within the country.
Under the regulations, all Financial Institutions (FIs) and Designated Non-Financial Businesses or Professions (DNFBPs) in UAE have to get registered on the goAML system launched by financial intelligence Unit of the central bank of UAE. Further, the FIs and DNFBPs should identify crime risks within their scope of work and update their risk assessments with regard to different risk factors. The risk identification needs to be evidenced by supporting data and documentation. The governance team of every organisation has to assess, and evidence compliance with sufficient policies and appropriate documentation. Enhanced due diligence needs to conducted where a high risk has been triggered. We can help you in forming AML policies, establishing necessary controls and procedures, or in setting up in-house compliance department and in annual risk assessments.