Are you liable to register for AML Compliance?
Background:
UAE Federal Decree-Law 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations (AML Law) came into force at the end of October 2018. Containing features recommended by the Financial Action Task Force (FATF), the new AML Law has been shaped by international AML standards and provides several mechanisms to combat money-laundering and to ensure that businesses in the UAE are actively involved in managing compliance risks associated with money laundering activities.
While the new AML Law has introduced subtle but important changes, it is the implementing regulations to the new AML Law which have helped bring further clarity to the anticipated operation of the AML Law. The Implementing Regulations were issued on 28 January 2019 pursuant to Cabinet Resolution 10 of 2019 (AML Regulations).
Applicability:
If you are one of the following or carrying on one of the following activities you should immediately contact us to assess the #AML #registration requirement for your business:
- Brokers and real estate agents
- Dealers of precious metals and gemstones
- Lawyers, Notaries
- Independent auditors and accountants
- Corporate service providers and trust fund
Please contact our team in order to identify the type of transactions covered under respective categories.
Deadline:
Ministry of Economy has extended the deadline for registration which is 31st March 2023. Companies are advised to take strict action in regards to the said compliance.
NON Compliance and Non / Improper compliance can lead to hefty penalties as well as imprisonment in certain cases.
How can we help?
Our team of experts can help your company in identifying the gaps in existing AML Compliance and can help in drafting necessary course of action via following services:
– goAML Pre Registration and Registration – AML Compliance Support – Training of AML Compliance and Reporting – AML Policy Drafting and Finalisation
Timely course of action will help entities in avoiding penalties and non compliance. Please get in touch with our team at info@hkmsgroup.com / +971-43038302
Disclaimer: The update is purely for informational purpose. Please consult our advisor before acting on such information. We reserve the right to change the update without prior information.