AML/CFT Compliance Services in UAE

Expertise and Experience of HLB HAMT

HLB HAMT, a leading provider of professional services in the UAE, has a long-standing commitment to AML/CFT compliances. Our team of experts has extensive knowledge of both local AML/CFT regulations and international best practices, as well as a proven track record of successfully helping clients navigate these complex compliance requirements.

AML/CFT Regulations in UAE

The UAE has robust AML/CFT regulations in place to combat money laundering and terrorism financing. The regulations outline the responsibilities of financial institutions, including banks, insurance companies, and other businesses, to implement and maintain effective AML/CFT policies and procedures.

Some key components of the AML/CFT regulations in the UAE include:

Internal controls and policies

ML/TF Risk Based Approach

KYC and Customer due diligence

Reporting of suspicious activities

Record keeping

 

Enforcement of the AML/CFT regulations in the UAE is taken very seriously, and non-compliance can result in significant penalties and reputational damage.

HLB HAMT’s Approach to AML/CFT Compliances: A Robust and Effective Solution

At HLB HAMT, we understand the importance of AML/CFT compliances and are dedicated to helping our clients navigate these complex regulations. Our approach to AML/CFT compliances includes the following elements:

Implementation of robust AML/CFT policies and procedures

The UAE’s current AML/CFT laws, regulations, and standards, in addition to global best practices, must serve as the foundation for any AML/CFT policy and procedures that are to be effective. We assist you in creating AML/CFT policies, processes, and safeguards, which is the foundational element of the Compliance framework.

Agreed Upon Procedures

This is a AML/CFT service where specific procedures are agreed upon and carried out to ensure compliance with regulations or to verify financial information. It is intended to provide independent assessments of an organization’s compliance with the regulations and assist in the development and implementation of effective risk management strategies.

Employee Training

To educate staff members on the importance of AML for company activities, AML/CFT compliance programmes also include employee training and awareness. Employers must provide staff with pertinent training to outline their duties under AML/CFT compliance procedures.

Outsourced Compliance Officer

The obligation to appoint a Compliance Officer is a legal requirement for FIs and DNFBPs to help prevent money laundering and report suspicious activity to relevant authorities. An outsourced compliance officer is responsible for ensuring that the company complies with all relevant regulations and guidelines, as well as developing and implementing compliance policies and procedures.

AML/CFT Software Advisory and Setup

AML/CFT Software Advisory and Setup services assist organizations in selecting and implementing anti-money laundering/countering the financing of terrorism software solutions to enhance their compliance programs and mitigate financial crime risks. It helps businesses select and set up appropriate software to comply with regulatory requirements.

Regulatory Remediation

This service involves assisting businesses in addressing regulatory issues and deficiencies identified by regulatory authorities. The aim is to remediate any compliance gaps and ensure the business meets regulatory expectations.

Other Support Services

This could encompass a variety of services to support businesses in meeting their compliance requirements, including assistance with goAML registration, preparation of templates and procedural manuals, conducting risk assessments, and ongoing AML/CFT support.

 

Benefits of Working with HLB HAMT for AML/CFT Compliances

Working with HLB HAMT for AML/CFT compliances provides a number of benefits, including:

• In-depth knowledge of AML/CFT regulations and best practices
• Proven track record  across sectors
• Expert guidance and support for clients
• Tailored AML/CFT solutions to meet individual client needs
• Effective implementation and management of AML/CFT compliances
• Cost-effective solution for AML/CFT compliances

Choose HLB HAMT for AML/CFT Compliances in the UAE

HLB HAMT is a leading provider of professional services in the UAE, and our expertise and experience in AML/CFT compliances make us the ideal choice for clients looking to meet their AML/CFT compliance requirements.

We invite you to contact us to learn more about how we can help you navigate the complex landscape of AML/CFT compliances in the UAE.

Frequently Asked Questions (FAQ’s)

1. Why is AML/CFT compliance important in the UAE?

   AML/CFT compliance is important in the UAE because it helps protect the financial system from being misused for illegal activities such as money laundering and terrorism financing. Non-compliance with these regulations can result in severe penalties and reputational damage.

2. What is the definition of Money Laundering?

   Money laundering is the process of converting illegally obtained funds into legitimate money or assets. It involves concealing the source of illegal funds and disguising them as legitimate assets.

3. What is terrorist financing under the AML/CFT Law?

   Terrorist financing refers to the provision of funds to support or facilitate terrorism activities. The act of providing financial support to terror groups poses a significant threat to security, as legitimate business services can also be used to fund such activities.

4. Who all are subject to the AML/CFT compliance law?

   The law related to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) applies to two categories of entities in the UAE:

   A. Designated Non-Financial Businesses and Professions (DNFBPs), including:

   • Real Estate sector
   • Auditors and Accountants
   • Lawyers, notaries, and other legal professionals
   • Company and trust service providers
   • Dealers in precious metals and stones

   B. Financial Institutions (FIs), including:

   • Banking Sector
   • Exchange Houses
   • Insurance And Reinsurance Sector
   • Securities And Stockbrokers
   • Other Financial Services Providers

5. Why are money laundering and terrorism financing a worry for nations and governments?

   • It might have detrimental effects on the entire nation and its economy.
   • Terrorist organizations have developed and now have sophisticated worldwide networks, enabling them to carry out risky assaults on defenseless civilians.
   • Fraudsters, terrorist organizations, and human traffickers continue to look for ways to undermine the financial system.
   • Periodic reviews are carried out by the Financial Action Task Force (FATF) to determine the effectiveness of anti-money laundering policies in various nations.

6. Who are the AML/CFT regulatory authorities at the UAE national level?

   The regulatory authorities for AML/CFT compliance at the UAE national level are:

   • Central Bank of UAE: Oversees all Licensed Financial Institutions in Mainland, such as banks, exchange houses, insurance, and non-banking financial institutions.
   • Ministry of Economy: Oversees all Licensed DNFBPs in Mainland and Free Zones excluding financial free zones.
   • Dubai Financial Services Authority: Oversees all Licensed Financial Institutions and DNFBPs registered in Dubai International Financial Centre.
   • Abu Dhabi Global Market: Oversees all Licensed Financial Institutions and DNFBPs registered in Abu Dhabi Global Market.

7. How can businesses protect themselves from Money Laundering and Terrorist Financing?

   • Implementing strong anti-money laundering policies and procedures
   • Conducting regular risk assessments
   • Proper due diligence of clients and transactions
   • Providing ongoing training and awareness to employees
   • Maintaining strong relationships with regulatory bodies and law enforcement agencies.