AML/CTF SERVICES
FINNECTION PROVIDES THE VARIOUS SERVICES REGARDING ANTI-MONEY LAUNDERING & COUNTER TERRORIST FINANCING WHICH INCLUDES:
The most recent AML/CTF laws in the UAE were prescribed by Federal Decree No. 20 of 2018. In 2019, the cabinet approved the proposed law. Under the National action task force, The National Committee on AML/CFT has the authority of control the law implementation. Recently, the UAE Ministry of Economy has declared time limit for concerned UAE institutions to be AML/CFT compliant.
Law objective is to develop and enforced a legal structure of the nation and make sure compliance with international standards on AML and CFT regulations
The law seeks to achieve the following goals through:
• Countering money laundering activities.
• Creating a structure and procedures for officials to fight against money laundering and CFT.
• Combating Terrorist Funding
• Appropriate countermeasure against suspected companies.
The Law of AML/CFT applies to:
• Financial Institutions
• Designated Non-Financial Businesses and Professionals (DNFBPs)
• Real estate advisors and Brokers
• Precious metals and stone dealers
• Independent legal specialists, lawyers, notaries as well as independent accountants
• Who provide Corporate Services and Trusts
• Non-Profit Corporations
Concerned entities in the UAE should:
• Understand the risks to which organizations are exposed.
• Create procedures and regulations to reduce risk.
• Establish Customer Due Diligence process.
• Administration and Reporting
• Governance
• Compliance Officer
• Staff monitoring and training
• Group oversight
• Independent Audit Function
• Senior Management Resposibilities
• Record Keeping
• Global Financial Sanctions
Next Actions Required – March 31, 2021
• Designate a Compliance Officer
• Implement Due Diligence measure
• Subscription to the sanction lists and goAML system registration
• Suspicious Transactions Reporting (STR) and Continuous Monitoring
Penalties and Deadlines
• The deadline is March 31, 2021.
Penalties may result in due to failure to comply which vary from AED 50,000 to 1 Million and also may lead to licence suspension and/or termination.
• Valuation – Qualify whether a company is a DNFBP
• Registration on the goAML System and the Sanction Lists
• Gap Analysis – Determine the necessary measures and/or policies for AML.
• Training – provide training to client representatives how to perform compliance tasks.
• Hired Compliance Officer, provide all services including valuation, categorise CDD measures, implement associated procedures and policies, supervise staff and management, carry out ongoing monitoring and reporting requirements.
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