Navigating UAE AML/CFT Compliance: What you should know

Devika Nambiar

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HLB HAMT - Accounting Firm in UAE

Phone:- +971 4 327 7775
Mobile:- +971 55 807 4568
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com

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    If you are a business operating as Financial Institutions (FIs) or Designated Non-Financial Businesses and Professions (DNFBPs) in the UAE, you may be aware of the regulatory questionnaires in circulation at the moment from your respective regulatory authorities.

    Staying compliant with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations is not just a responsibility – it is a necessity. As the UAE is taking significant steps to enhance its national AML/CFT framework, the contribution by businesses to this effort is crucial.

    Why Compliance Matters:

    The UAE has embarked on its second National Risk Assessment (NRA) project for AML/CFT, building upon the 2019 assessment. The cooperation of all businesses in this national endeavor is vital.

    By participating in this questionnaire dated October 2023, you are also proactively shaping the future of AML/CFT regulations in the UAE.
    But compliance isn’t just about ticking boxes; it’s about safeguarding your business, reputation, and financial security.

    Key Considerations:

    This questionnaire comprises 21 simple questions, designed to help you understand and evaluate the risks within your organization. The aim is to gather essential data for a comprehensive analysis of money laundering and terrorist financing risks, leading up to in recommendations to mitigate these risks at a national level.

    The questions cover areas such as:

    • Business activities and their potential for money laundering.
    • The nature of your clientele.
    • Geographic areas involved in your operations.
    • Financial transfer operations.
    • Your anti-money laundering policies and procedures.

    HLB HAMT as your partner in Compliance:

    Navigating the complexities of AML/CFT compliance can be challenging, but you do not have to do it alone. Our consultancy services are here to help you not only fill out this questionnaire but also develop a robust AML/CFT compliance strategy tailored to your business needs.

    How we can Assist:

    • Compliance Solutions:

      We work closely with your team to create tailored policies and procedures that align with regulatory requirements.

    • Compliance Assessment:

      We conduct an in-depth assessment of your existing AML/CFT procedures to identify potential vulnerabilities.

    • Training and Awareness:

      We offer training programs to ensure your staff is well-versed in AML/CFT requirements and best practices.

    Compliance is an ongoing process. Our team develops customized solutions to provide continuous support that help you adapt to changing regulations and maintain a secure business environment.

    By partnering with HLB HAMT, you’re taking a proactive step toward securing your business from non-compliance.

    Contact us today

    To start the journey towards a safer, more secure business environment. Together, we can ensure your organization is prepared for the future and shape a robust AML/CFT framework for the UAE.

     

     

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    Varun R Chandra
    Varun R Chandra
    07:38 25 Apr 21
    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
    Giuseppe Assi
    Giuseppe Assi
    06:20 31 Jan 21
    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
    218141 JOSEPH THOMAS
    218141 JOSEPH THOMAS
    16:20 23 Jun 20
    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
    PMI
    PMI
    07:14 23 Jun 20
    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
    RAVI CHOKSI
    RAVI CHOKSI
    08:28 21 Jun 20
    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
    Maharajan Subramaniam
    Maharajan Subramaniam
    18:17 06 Jun 20
    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
    Mohammed L
    Mohammed L
    08:07 05 Jun 20
    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
    ROY ROSHAN VIVIAN
    ROY ROSHAN VIVIAN
    06:32 04 Jun 20
    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
    Basil Daniells
    Basil Daniells
    05:55 03 Jun 20
    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
    Amar Kashyap
    Amar Kashyap
    19:28 02 Jun 20
    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
    Radz de Jesus
    Radz de Jesus
    16:03 02 Jun 20
    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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