Money laundering and the financing of terrorism are financial crimes with economic effects. Money laundering requires an underlying, primary, profit-making crime (such as corruption, drug trafficking, market manipulation, fraud, tax evasion), along with the intent to conceal the proceeds of the crime or to further the criminal enterprise. These activities generate financial flows that involve the diversion of resources away from economically- and socially-productive uses—and these diversions can have negative impacts on the financial sector and external stability of member states. They also have a corrosive, corrupting effect on society and the economic system as a whole. Because of the negative consequences of these forms of financial abuses on country’s economies and financial systems, the IMF has been very active for over ten years in the AML/CFT area.
AML/CFT controls, when effectively implemented, mitigate the adverse effects of criminal economic activity and promote integrity and stability in financial markets.
The Government of UAE has been working in line with the International Organizations to combat the Money Laundering and the Financing of Terrorism and Illegal Organizations. In this regard, many laws and regulations have been issued. However, during the recent past the government is stricter and issued laws and made it mandatory for certain sectors to register themselves with GoAML system which is administered by Financial Intelligence Unit. Applicable laws and regulations in UAE are as follows:
We provide complete solution for AML regulated compliance in accordance with applicable laws and regulations, our services are as follows:
We do not work as ‘One size fits all’. We provide AML/CFT Policy, Controls and Procedure Documentation for our client based on the industry and client specific requirements. We understand your business processes, and document the policy, control and procedures which shall also be in line with the legal requirements.
We have our own software solution for AML/CFT compliance which will take away our client’s worries for compliance requirements. It helps our clients to on-board their customers, perform their risk profiling, perform simplified or enhanced due diligence, and perform complex reporting to FIU on a click of a button.
You might be busy with your routine tasks and reporting and missing out critical aspects in your AML compliance frameworks, and not incorporating new regulated requirements and best practices in the AML Framework; or there is missing out operational compliances.
Our dedicated team of AML compliance health check reviews will provide you the update on how the AML compliance function works in your organization and preventing your organization to attract any regulatory compliance failures and penalty.
AML/CFT compliance programs also include AML training programs for employees to make them aware of the significance of AML for their business operations. Organizations must conduct relevant AML training for their employees to explain their roles and responsibilities under AML compliance programs. Such AML-related training enables the employees to become capable of detecting suspicious transactions, conducting customer identification, identifying risks for their business type, and understanding implications of relevant rules and regulations.
There are several regulations and laws related to AML and CFT in every country and international guidelines across the globe. With new risk avenues that give rise to money laundering and terrorist financing activities, such laws and guidelines also witness frequent modifications and adjustments. Accordingly, companies frame their AML and CFT programs to abide by the laws and remain AML-compliant always.
Our AML compliance framework aimed at empowering employees in creation and management of AML compliance policies and procedures, code of conduct, risk management frameworks and business continuity strategies.
We provide your staff with training on KYC Due Diligence so that employees are aware what information is required to be collected, what are the different ways of collecting information, and how to ensure security and confidentiality of collected information.
Screening is an important aspect of AML/CFT program. We provide information on how to effectively carry out screening against FATF and UAE local regulations requirements.
EDD is one of the key requirements of AML Compliance program in case of high risk customers. We devise the strategy and guidelines for your staff to understand the requirements and reading financial information to identify the source of funding.
We provide awareness to your staff and management regarding reporting requirement of regulator and formats. Accurate and effective STR reporting to regulators will enable your company to be in compliant with regulated authorities.
Every organization is required to maintain their records for five (5) years. We will provide guidance and solution to your management on how to manage and maintain the records.
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