AML/ CFT Compliance Services
Governments across the globe have been taking measures to increase the scrutiny of AML/CFT processes and controls, as a way to fight crimes. Individuals and firms are required to comply with minimum standards; failure to keep up with the changing requirements can lead to penalties and legal consequences.
A consulting firm that can advise and assist on AML/ CFT compliance is a must. HLB HAMT has been approved by the UAE Central Bank and the Insurance Authority to work as a consultant for conducting an independent assessment of Anti-money Laundering, Combating the Financing of Terrorism & Sanctions Compliance Frameworks.
Money-laundering is the method by which criminals disguise the illegal origins of their wealth.
Money laundering works in three basic stages:
AML/CFT COMPLIANCE AUDITS – Exchange Houses
Currency exchange houses in the UAE have been seeking to standardize their Anti Money Laundering (AML) and Combating Financing of Terrorism (CFT) efforts in order to ensure the adoption of world-class regulatory compliance.
The UAE’s Foreign Exchange and Remittance Group (FERG) launched its AML standardization manual in the year 2015. Subsequently, continuing regulatory changes have made the need for an effective Compliance framework within the institutions more important
The UAE Government and the Central Bank believe that there is an urgent need for Owners and Senior Management of Exchange Houses to understand and effectively mitigate risks evolving AML/CFT Compliance and Sanctions.
The principal AML/CFT legislation within the State is Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations (the “AML-CFT Law” or “the Law”) and implementing regulation, Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree-Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (the “AML-CFT Decision” or “the Cabinet Decision”).
AML/CFT COMPLIANCE AUDITS – Insurance
The Insurance Authority (IA) was established under the Federal Law No. 6 of 2007 with a legal personality and financial and administrative independence. The Federal Law No. 6, which came into force as from 28.08.2007, entrusted the Authority to regulate and supervise the insurance sector in the United Arab Emirates in order to ensure the provision of a favorable climate for its development and promote the role of the insurance industry.
HLB HAMT has been conducting various assignments such as Internal Audits (with a compliance emphasis), and AML/CFT Audits of Insurance brokerage firms and Third-Party Administrators (TPAs) as per regulations of the Insurance Authority. The Clause (3) of Article (21) of Cabinet Resolution No. (10) of 2019 regarding the executive regulations of Decree by Federal Law No. (20) of 2018 regarding countering money laundering crimes and combating the financing of terrorism and the financing of organizations relates especially to AML/CFT audits and the scope of work is as listed below:
- Suspicious transaction Report
- Information Confidentiality
- AML Officer/Compliance Officer
- Customer Due diligence
- Enhanced Customer Due diligence
- Major Insurance Policies
- Archiving Files and Documents
- Training sessions
- Policies and procedures
- AML System
- Risk-Based Approach
AML/ CFT COMPLIANCE AUDITS – Methodology
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