As an attempt to control the financial crimes that are on the rise, the UAE Ministry of Economy has extended the period for the businesses to be in compliance with the Anti-Money Laundering (AML) and Combating Financing of Terrorism (CFT) guidelinestill March 31st for four selected categories of business.
To stress upon the intent and seriousness that is expected from these Designated Non-Financial Businesses & Professions (DNFBPs), the Ministryof Economy has stipulated heavy penalties for businesses that fail to comply with the AML and CFT requirements by the due date.
The fines will range from AED 50,000 to AED 1 million and can go up to AED 5 million as per the assessment of the Supreme Committee if engaged in money laundering, financing terrorism or any illegal organizations. A penalty of AED 1 million each will be charged on cases of fake bank accounts, failure to take action against clients listed on international or domestic sanctions list before establishing or continuing with the business.
The business categories included are:
Brokers and Real Estate Agents
Dealers of precious metals and gemstones
Auditors
Corporate service providers
The businesses must register with the Financial Intelligence Unit (go AML) and also enroll themselves on the Committee for Commodities Subject to Import and Export Control system (Automatic Reporting System for Sanctions List).
Once the registration is complete, the businesses must adopt other measures related to AML and CFT in accordance with the provisions stated by the Decree-Law.
Safiya Al Safi, Director of the Anti-Money Laundering Department, Ministry of Economy said, “All companies must establish internal policies, controls and procedures to avoid the risk of money laundering as per the regulations stated, which is made available on the official website of the Ministry of Economy.”
AML and CFT measures are a necessity for an organization to ensure the smooth flow of businesses. A reputed consulting firm can assist you in complyingand implementing AML and CFTguidelines and procedures. HLB HAMT is an auditor approved by the UAE Central Bank and the Insurance Authority. Our team of experts and ACAMS certified professionals offer these audit services which will ensure that you meet the required compliances and assure the safety of your organization on the long run.
HLB HAMT offers audit services and work as per the regulations laid by the UAE Central Bank and the Insurance Authority. We have been approved to act as a consultant to conduct independent assessments of the Anti-Money Laundering, Combating the Financing of Terrorism & Sanctions Compliance Frameworks. With more than 20 years of experience in the field of audit and assurance services, and with the international expertise from HLB Global who have over 50 years of audit and assurance expertise, our team of experienced professionals can aid you in complying with the new AML and CFT regulations.
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