AML/CFT Policies and Procedures

Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) AML/CFT stands for Anti-Money Laundering and Countering the Financing of Terrorism. It is a set of regulatory measures and procedures implemented by Financial Institutions and Designated Non-Financial Businesses and Professions to prevent money laundering and terrorist financing activities.

At HLB HAMT, we pride ourselves on providing exceptional services for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance. With our team of experts who possess vast industry experience, in-depth knowledge, and specialized skills, we deliver a comprehensive range of AML/CFT services that meet the unique needs of each of our clients. Our dedicated AML/CFT compliance professionals and analysts work collaboratively to ensure that we provide top-notch services to guide you towards achieving your compliance goals with ease.

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    The AML/CTF Policies And Procedures

    • We provide professional services to assist you in developing and maintaining Anti-Money Laundering (AML)/Countering Financing of Terrorism (CFT) policies, and procedures. Financial institutions and DNFBPS must have comprehensive AML/CFT policies based on their ML/FT risk assessments per national and international laws and regulations.
    • The AML/CFT policy must accurately describe the duties and responsibilities of the senior management, Compliance Officers / MLROs, and front-line staff in terms of AML/CFT compliance.
    • The AML/CFT policy has to require regular and timely reporting to the senior management on ML/TF risks and the recommendations to be implemented within the reporting entity’s business against money laundering, terrorist financing, and related offenses.
    • AML/CFT procedures must be based on the UAE’s current AML/CFT laws, regulations, notices, and standards as well as global best practices and guidelines from organizations like the Financial Action Task Force (FATF).
    • Our team will help with the development, evaluation, and updating of all relevant laws, rules, notices, standards, and other international best practices to make them successful in reducing both current and future non-compliance threats.

    We make sure that the AML/CFT Policy accurately indicates the roles and responsibilities of the Owners, Partners, and Shareholders, as well as the Board of Directors (if any), in establishing a successful AML/CFT Program throughout the Licensed Person business. We also provide guidance to employees to reduce ML/TF risks in the entity’s regular business activities.

    Protecting Your Business Through Comprehensive AML/CFT Compliance

    The AML/CFT Policy and Procedures lay down the main principles for effective prevention and control, providing protocols for examining and reporting potential ML/TF-related actions. Our expert team can assist you in developing tailored AML/CFT policies and procedures and any related rules required by the supervisory body.

    I. Enterprise-Wide Risk Framework

    • Market Risk
    • Operational Risk
    • Reputational Risk
    • Regulatory Risk

    II. RBA-based AML CFT Risk Framework

    • Customer
    • Product
    • Jurisdiction
    • Delivery channel
    • Counterparty

    III. Fraud Prevention and Whistleblowing

    • Actions constituting fraud
    • Confidentiality
    • Investigation duties
    • Reporting
    • Legal intervention

    IV. Customer Protection and Transparent Framework

    • Consumer Education and Awareness
    • Business conduct Market conduct
    • Responsible Financing Practices

    V. Business Continuity Plan and Processes

    • Risk Management Plan
    • Business Impact Analysis
    • Response Time
    • Recovery
    • Testing

    VI. AML CFT Governance Framework

    • AML CFT Program Design
    • Implementation Plan
    • Sanctions Compliance Program

    VII. Risks Faced by the Business

    • Damage to Reputation
    • Loss of business, account seizures associated with money laundering, and fines are possible losses.
    • Future business growth and success may be affected.
    • The regulators may withdraw or deny operating licenses.

    Anti-Money Laundering (AML) consulting services we provide

    • At HLB HAMT, we offer AML Consulting Services to free you from the hassle of AML/CFT Compliance while you start focusing on your primary line of business.
    • Our team of compliance and risk management specialists offers a comprehensive range of AML services tailored to your specific compliance requirements to support you in overcoming the difficulties and complexity that AML/CFT laws pose for your company.
    • At HLB HAMT, we offer Compliance Consulting Services to free you from the hassle of AML/CFT Compliance while you start focusing on your primary line of business.

    Benefits of associating with us for AML/CFT Consultancy Services

    • We recognize the importance of AML/CFT regulatory requirements in today’s world, and our AML/CFT consulting services assist our customers in ensuring compliance efficiently and effectively.
    • We have a strong network of AML/CFT solution providers, highly qualified specialists and compliance experts that can assist you in responding correctly to AML threats.
    • By partnering with HLB HAMT for your AML/CFT consulting requirements, you can be confident that your organization is taking the necessary steps to comply with the relevant regulations in the United Arab Emirates and protect your business from non-compliance.
    • Our AML consulting services are tailored to assist customers from every specific industry, at any point of the AML/CFT process, and of any size in efficiently managing the risks of financial crime.

    HLB HAMT’s AML/CFT Consultants stay up to date on any changes to AML and CFT regulations and understand the expectations of the government or regulators from our clients so that we’re able to provide pertinent AML/CFT consulting services at the right time, keeping them ahead of their industry in terms of compliance.



    Frequently Asked Questions (FAQ’s)

    1. What is covered in an AML/CFT Policy?

      An AML/CFT policy typically covers the measures and procedures that a business or organization has in place to prevent money laundering and terrorist financing. This includes identifying and verifying customers, monitoring and reporting suspicious activities, conducting risk assessments, and training employees on AML/CFT regulations.

    2. Why is it important?

      AML/CFT policies are important for businesses and organizations to prevent illegal activities such as money laundering and terrorist financing. These policies also help protect the reputation of the business or organization by demonstrating a commitment to national legislation and international best practices. Compliance with AML/CFT regulations is mandatory and non-compliance can lead to serious legal and financial consequences.

    3. Whose responsibility is it to maintain and update this policy manual?

      The responsibility of maintaining and updating the AML/CFT policy manual typically falls on the designated compliance officer of the business or organization. This individual should have the necessary knowledge and expertise to understand and comply with AML/CFT regulations.

    4. What are the consequences of not having a policy manual?

      Not having an AML/CFT policy manual can lead to serious legal and financial consequences for the business or organization. Non-compliance with AML/CFT regulations can result in fines, penalties, and even criminal charges. In addition, not having adequate AML/CFT measures in place can also damage the reputation of the business or organization, leading to a loss of customers and business opportunities.

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