Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) Advisory
In December 2020, the UAE Cabinet adopted the formation of the Executive Office of the Anti-Money Laundering and Countering the Financing of Terrorism with an aim to follow the international requirements in this sector. All the requirements of the Financial Action Task Force (FATF) recommendations of 2012 and its methodology of 2013 are included in the AML Law.
The minimum statutory obligations of supervised institutions are.
- Recognize, evaluate & understand risks
- Carry out due diligence
- Appoint a compliance officer
- Ensure that the required management and information systems, internal controls, policies and procedures to mitigate risks are in place
- Ensure that the indicators to recognize suspicious transactions are in place
- To maintain adequate records
Our experienced team helps you in AML compliance with:
- Go AML Registration
- AML Health Check
- AML Business Risk Assessments
- Develop AML Policy & Procedures
- Customer Due Diligence and Ongoing Monitoring.
- AML training