Audit & Compliance Archives - Page 3 of 3 - Ahmad Alagbari Chartered Accountant

14 Apr, 22

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 a criminal activity generates substantial profits, the individual or group involved must find a way to control the funds without attracting attention to the underlying activity or the persons involved. Criminals do this by disguising […]

11 Apr, 22

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, they seldom leave evidence of their activity on financial statements, making it difficult to detect their illegitimate activities during conventional audits. The methods used by money launderers in legitimising illegal funding keep evolving and the […]

08 Apr, 22

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 of precious metals and stones has developed for centuries, but certain industry changes of late have caught the attention of those looking to eradicate financial crime. Analysts and law enforcement agencies have considered closely on […]

06 Apr, 22

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. Property purchases can be an effective way to launder funds, as they tend to involve large sums of money changing hands, complex transactions and little oversight. Criminals use a wide variety of techniques to exploit […]

04 Apr, 22

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 in the UAE to ensure that the DNFBPS has effective AML policy and procedures in place to comply with Federal Decree–Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and […]

31 Mar, 22

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 global and local regulations. Understanding AML vs. KYC can help you understand the difference between the two terms and implement these processes to ensure compliance. The ones who fail to do so, are subjected to […]

23 Mar, 22

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) standards and is taking correct and strict measures that all businesses comply with the local as well as international guidelines for operating genuine businesses. In September 2018, UAE introduced Federal Decree-law No. 20 of 2018 […]

22 Mar, 22

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 the financing of terrorism framework. Who is a Money Laundering Reporting Officer (MLRO) In order to oversee internal anti-money laundering policies and remain compliant with important regulations, all regulated entities DNFBPs, (Designated Non-Financial business professions) […]

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