AML and CFT Registration deadline in UAE Extended till April 30

Raghunath. T, Director

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    The Ministry of Economy has extended the deadline for registration of AML and CFT till the end of April for “Designated Non-Financial Businesses and Professions” (DNFBP`s). The decision for extension was made due to the large number of companies seeking registration and also considering the COVID-19 situation.

    Sectors that come under “Designated Non-Financial Businesses and Professions” category are Real Estate Sector, Auditors, Dealers of precious metals and gemstones, and Corporate Service Providers. The registration has been made mandatory for all the companies on the goAML system and automatic reporting system for sanctions lists. All the necessary requirements for complying with Federal Law No. 20 of 2018 should be taken post registration.

    All companies are requested to make use of the extension to avoid heavy fines that shall be imposed on those who register after the deadline; starting from AED 50000, it can go up to AED 5 million. For those that fail to register could have their license suspended or can even result in closure of the company.

    Assistant Under-secretary for the supervision and follow-up sector at the Ministry of Economy, Abdullah Sultan Al Fan Al Shamsi, said, “Due to the increased level of response in the business sector and non-financial professions identified for mandatory registration, the Ministry of Economy decided, in coordination with its partners from the relevant government agencies, to extend the grace period granted to the target companies and give them more time until the end of the current month to complete the registration process and begin taking the necessary legal measures to comply with the requirements of the law and its implementing regulations.”

    “The goal is to ensure compliance and not impose violations, and the decision was made taking into consideration of the state of several business sectors and companies that are facing trouble due to the pandemic and its repercussions on a global scale. The Ministry of Economy is keen on building a solid and positive relationship with the private sector based on the principle of partnership”, he added.

    He also emphasized the role of non-financial business and private sector as a partner in supporting the government to deal with combat money laundering and in building a safe and stable economic environment.

    Al Shamsi pointed out that majority of the companies in the sector have registered and complied to the AML and CFT regulations but still a percentage of companies have not yet registered. The extension of deadline will give them the opportunity to hurry up their registration, avoid violations and to protect their business and investments from money laundering risks through their compliance with the government regulations.

    “Extending the grace period without applying any violations before April 30 allows companies fulfill their obligations and initiate registration”, said Safia Al Safi, Director of the Anti-Money Laundering Department at the Ministry of Economy.

    The ministry had received numerous phone calls and enquiries too during the month of March which enabled them to come up with the decision of extension of deadline. The country is trying to manage and control money laundering and terrorism financing crimes that are on the rise. With the support and cooperation of the people it can be done smoothly and in a jiffy. Through strict compliance of the government regulations, the country will soon be able to attain their goal offering maximum support and security to the companies as well.

     

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