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 Illegal Organizations.
DECLARATION FORM CONTENTS
TO ENSURE COMPLIANCE WITH AML POLICY AND PROCEDURES AS PER PRESCRIBE GUIDELINES
Does company/ (Customers) have effective policies and procedures in place to comply with Federal Decree by Law No. (20) of 2018 On Anti-Money Laundering, Combating the Financing of Terrorism and Financing of Illegal Organizations such as below.
- To Identify, assess, and understand risks.
- To define the scope of and taking required due diligence measures.
- Appointment of AML/CFT compliance officer, approved by the relevant Supervisory Authority and providing his name, Identification (Passport/EID), Identification Document Number, and its validity period.
- Are adequate management & information systems, internal controls, policies, procedures to mitigate risks and monitor implementation in place.
- Are indicators to identify suspicious transactions in place.
- Reporting suspicious activity and extending cooperation with Competent Authorities
- Applying directives of Competent Authorities for implementing UN Security Council decisions under Chapter 7 of the UN Convention for the Prohibition and Suppression of the FT and Proliferation
- Maintaining adequate records for AML compliance.
If the response to any of the above is no, then the company/customers are required to provide reasons.
In addition to the above points, the Customers, i.e. the DNFPBs, are required to confirm that they understand and acknowledge the responsibilities of the Banks
- The Banks are required to act in accordance with laws and regulations in the UAE, laws and regulations of other states/countries in whose currencies it transacts and other relevant bodies.
- Observance of boycotts, embargoes or sanctions which may be enforced against countries, states, entities or individuals from time to time .
- Non-acceptance of payment involving any sanctioned countries.
- The Bank shall approve transactions only if they are in accordance with the Bank’s Policy and as per the applicable boycott, anti-money laundering, anti-terrorism, anti-drug trafficking and economic sanctions laws and regulations.
- No transactions will be held with any sanctioned countries such as Sudan, Iran, Syria, Cuba, North Korea, Crimea and any other sanctioned countries as updated from time to time by the relevant authorities.
- Transshipments from any sanctioned countries are also prohibited.
- The Bank shall have no obligation to process and complete the transaction and shall be entitled to delay, freeze, refuse or cancel the payment obligation.
- Non-conformity or breach of the conditions will result in the immediate closure of the Bank account.
- The Bank shall have the right to ask for additional information/documents or provide proof of the source of any funds.
Alia Noor (FCMA, CIMA, MBA, GCC VAT Comp Dip, Oxford fintech programme, COSO Framework)Associate Partner
Ahmad Alagbari Chartered Accountants