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AML

Anti Money Laundering Laws and Regulations

Anti-money laundering legislation compliance is mandatory in the United Arab Emirates for organizations that are at risk. UAE government, with the amendment of previous anti-money laundering (AML) regulations through Federal Decree (No 20) of 2018 on Anti-Money Laundering, has taken effective steps in combatting financial crime occurring in the country. At Farahat & Co, the leading anti money laundering specialist provides end-to-end anti-money laundering (AML) solutions that meet the compliance obligations of business organizations operating in the UAE. In recent years, AML penalties and AML audits have steadily increased. Protect your company from regulatory penalties through our comprehensive AML solutions!

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Companies we’ve assisted with AML compliance in UAE who are affected by the legislation are as follows:

Designated Non-Financial Businesses & Professions (DNFBPs)

  • Real estate agents and brokers – when they are concluding operations for customers’ benefit with respect to purchasing and/or sale of property and real estate
  • Notaries, law firms, and all other independent advocates and professionals – when preparing, executing, or conducting financial transactions for customers with respect to purchasing and/or sale of property and real estate; the management of funds that were owned by clients; the management of savings accounts, securities accounts, and bank accounts; organization of contributions for management, operation, or establishment of companies; selling and/or buying commercial legal entities; and creation, management or operation of legal arrangements or legal persons.
  • Dealers in precious stones and precious metals – in carrying out monetary transactions which appear equal or interrelated to more than Dhs55,000.
  • Providers of trusts and corporate services – upon executing or performing transactions on behalf of clients with respect to certain activities such as acting as agents in the establishment or creation of legal persons; working to serve as secretary, director, or partner of a business; providing a work address, registered office, administrative address, or correspondence address of a legal arrangement or legal person; and equipping or working with another person in actin as the nominal shareholder in the favor of another legal person

How our Experts will help you with AML Compliance

As AML laws in the country are becoming stringent, more businesses are seeking our seasoned AML professionals’ guidance and advisory with AML compliance, which involves the following

The internal AML program of a company has to be overseen by an appointed compliance officer or money laundering reporting officer. The compliance offer will have sufficient authority and has to have the necessary expertise in carrying out the role effectively for an organization. A compliance officer also has to have extensive industry experience or experience within the financial sector, specifically AML compliance, and internal or legal risk audits. The appropriate certification is also a must. Our team providing AML solutions are approved by the major regulators in UAE. We also provide firms that are affected by AML regulations select a compliance officer who’ll be responsible in reporting suspicious activities.

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