The Economic Substance Test for Holding Company Business and High-Risk IP Business in the UAE

The UAE issued economic substance regulations (the “Regulations”) in April 2019, amended by Cabinet Resolution No.57 of 2020 in August...

UAE-Dubai Government Issues New Law on Musataha Rights Over Commercial Lands

Government of Dubai has issued Decree No. 23 of 2022 (the “Decree”) to control the granting of Musataha rights in...

UAE AML- Real Estate Activity Report (REAR) Reporting Requirements for Real estate agents and brokers as per Circular Number: 05/2022

What is Real Estate Activity Report (REAR)?Real estate agents and brokers licensed in the UAE are required to file the...

DETECTING AND DETERRING ASSET MISAPPROPRIATION

What is Misappropriation of Assets?Asset misappropriation fraud involves third parties or employees in an organization who abuse their position to...

SPOTLIGHT ON INVENTORY FRAUD WARNING SIGNS AND PREVENTIVE MEASURES

Inventory is one of the main targets of fraud. Some companies are more at risk than others for instance retail...

GUIDE TO SPOT INVOICE FRAUD AND ITS PREVENTION

Fraud can happen at any time and to any company. Do you know the ways to protect yourself and your...

KEY ELEMENTS OF EFFECTIVE AML TRANSACTION MONITORING

Transaction monitoring is a key part in the defense against money laundering and financial crime. It is the process of...

DIAGNOSE HEALTH OF THE AML TRANSACTION MONITORING- WELLS FARGO UNIT FINED $7M FOR FAILURES

The requirement to undertake transaction monitoring evolved because of anti-money laundering (AML) legislation and its importance has been magnified and...

IDENTITY THEFT AND FRAUD AND HOW TO PREVENT THEM

Society’s growing reliance on technology to transfer private information has created more opportunities for identity thieves to access and misuse...

AML – Third Party Money Laundering Risk

Organizations have long relied on partners, suppliers, agents, contractors and various other third-party services for competitive advantage, operational efficiency, and...

AML-Difference Between Structuring and Smurfing?

What is the Difference Between Structuring and Smurfing? Financial crimes, come in a variety of shapes and sizes particularly smurfing...

Overview UBO Regulations in the United Arab Emirates

Objective & Scope of Ultimate Beneficial Owner Maintain UAE’s economic position with international requirements To regulate minimum obligations in disclosure...

ESR Deadline Fast Approaching!

Overview of UAE Economic Substance Regulation Requirements. Companies in the UAE are required to conduct an annual self-assessment to determine...

Cryptocurrency Money Laundering using Virtual Currency Exchanges.

Cryptocurrency Money Laundering using Virtual Currency Exchanges. According to a 2022 report from the leading blockchain analytics company Chainalysis, criminals...

Whistleblowing Benefits for Organizations

The most powerful weapon against fraud is not an algorithm or a checklist but a whistleblower.” -The Economist What Is...

Wash Trading and Money Laundering in NFTs

In the last one-year, non-fungible tokens (NFTs) have gained popularity between brands as well as consumers. Chainalysis – blockchain data...

Top 4 Anti-Money Laundering (AML) Trends in 2022

As the technology continues to offer endless possibilities, it is likely that the financial criminals will discover new methods to...

ANTI-MONEY LAUNDERING- BATTLEFIELD FOR ACCOUNTANTS

Money laundering helps illicit organizations by lowering their cost of capital, giving them a competitive advantage over legitimate businesses. When...

WHAT DO AUDITORS NEED TO KNOW TO COMBAT MONEY LAUNDERING?

Generally, businesses are most useful to money launderers as conduits for tainted funds. Since money launderers usually don’t expropriate assets,...

Precious Metals and Stone Beautiful but Dangerous -Dealers need AML/CTF Compliance Program

Precious metals and stones have been forged into jewelry, artefacts, and currency since the dawn of civilization. The modern trade...

Real Estate Red Flags/ How Do Criminals Launder Through Real Estate?

Money laundering involves filtering income from illegal activities through legitimate transactions, disguising its source and preventing detection by the authorities....

UAE AML Compliance- Standard Declaration Form Submission Required by banks for- “Real Estate Agents and Dealers in precious metals and stones”

Real Estate Agents and Dealers in precious metals and stones are required to submit Standard Declaration Form from several banks...

ARE YOU KYC AND AML COMPLIANT?

ARE YOU KYC AND AML COMPLIANT? The need for KYC and AML compliance has become mandatory to comply with the...

How to Prevent Money Laundering

The UAE had implemented Anti Money Laundering/Countering the Financing of Terrorism measures as per the Financial Action Task Force (FATF)...

Have you appointed your Money Laundering Reporting Officer (MLRO) ?

Money Laundering Reporting Officer (MLRO) or Anti-Money Laundering Officer (AMLO) is a Compliance professional who oversees the firm’s anti-money laundering/countering...