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AML/CFT Compliance Services
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AML/CFT Compliance Requirements in the UAE
Federal Decree No. (20) of 2018 is a critical component of the UAE’s AML/CFT activities. This Decree mandated the creation of:
- A committee dedicated to AML/CFT objectives, chaired by the Governor of the CBUAE;
- And an independent Financial Information Unit (FIU) to receive and investigate all reports submitted by financial institutions and other corporate establishments regarding suspected illicit financial activity.
As implemented by Cabinet Decision No. (10) of 2019, Federal Decree No. (20) of 2018 has increased the efficacy of the nation’s AML/CFT legislative and institutional framework in accordance with FATF criteria and recommendations.
Following the advent of the new GoAML Platform and tight requirements from the Regulator, reporting and compliance under this Regulation have gained traction. Compliance with the Regulations is required for the following businesses.
Failure to keep up with changing standards might result in penalties and legal ramifications.
An effective framework should be developed in accordance with Federal Law 20 of 2018 and Federal Law 26 of 2021 amending certain provisions of Federal Law 20, Cabinet Decision No. 10 of 2019, Cabinet Decision No. 58 of 2020, Cabinet Decision No. 74 of 2020, and the various guidelines, circulars, notices, and standards issued from time to time.
Following the advent of the new GoAML Platform and tight requirements from the Regulator, reporting and compliance under this Regulation have gained traction. Compliance with the Regulations is required for the following businesses.
Failure to keep up with changing standards might result in penalties and legal ramifications.
An effective framework should be developed in accordance with Federal Law 20 of 2018 and Federal Law 26 of 2021 amending certain provisions of Federal Law 20, Cabinet Decision No. 10 of 2019, Cabinet Decision No. 58 of 2020, Cabinet Decision No. 74 of 2020, and the various guidelines, circulars, notices, and standards issued from time to time.
Our range of services includes:
1. AML Policy and Procedures:
- Creating, revising, and updating AML/CFT Policy and Procedures
- Manual on AML/CFT Policy and Procedures
- Existing AML/CFT policies and procedures should be reviewed and updated.
- Anti-Bribery and Anti-Corruption Policy Development.
2. Risk Assessment and Risk Profiling
- Review of customer risk assessment methodology
- Assisting in the development of customer risk assessment model considering NRA guidelines
- Assisting in preparation of Risk Register – Risk identification and mitigation.
3. Compliance Assistance:
- Assistance in registration on the GoAML Portal
- Guidance to AML Compliance Officer for performing his day-to-day function
- Assistance in conducting EDD for High-risk customers
- Assistance in preparation of statutory reports
- Assistance in Screening of customers and counterparty
- Conducting Audits/reviews as per statutory requirements, including agreed-upon Procedures Audit (AUP Audit)
- Assistance in preparation of documentation standards.
4. AML IT Systems:
- Assistance in the selection of appropriate AML/CFT software
- Conduct software demos
- Review of existing core solutions, risk profiling, screening, and monitoring software solutions
Protect Your Business. Staying Compliant.
Herald knows well that Anti-Money Laundering (AML) compliance is not only a legal compliance for your business but also the heart of integrity and trust going into a business.
The regulatory landscape in the UAE is constantly changing, and keeping abreast of AML & Counter Financing of Terrorism laws is more relevant than ever, so it is difficult for companies. Our comprehensive AML compliance services make sure your organization is shielded and ready for accelerated growth without compliance blows.
Why Choose Us
Why Choose Us for AML Compliance Services?
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What Our Clients Say
Our Services
Our Core AML Services
goAML Registration Assistance
The goAML portal itself isn’t easy to navigate if you don’t have some clear guidance. Whether you need help registering your business with the FIU in the UAE (UAE Financial Intelligence Unit) is where we come in as experts and ensure that your documentation is correct along with timely submission of any info accurately. Your team will be taken through user creation and entity registration up to system setup and help you handle required reporting in perpetuity. We help to optimize and streamline your process, leading to fewer errors and non-compliance penalties.
Create an AML/CFT Policy from Scratch
A generic policy does not keep your business safe. We develop detailed AML/CFT policies and procedures that take into account your specific operations, client risk profile, jurisdictional requirements, and other relevant factors assessed by our compliance experts. This encompasses CDD (Customer Due Diligence), the rules for EDD (Enhanced Due Diligence), transaction monitoring guidelines as well as record-keeping and internal reporting control systems, defending your business on its way out of a money-laundering problem.
AML/CFT Awareness Training
Employee awareness is a crucial pillar of an effective AML program. We offer in-person and virtual training sessions customized for senior management, compliance officers, and frontline staff. Training modules cover regulatory frameworks, risk assessments, suspicious activity recognition, and internal escalation procedures. Our goal is to build a culture of compliance within your organization that aligns with UAE Central Bank and global FATF standards.
Ongoing Compliance Advisory
Regulatory requirements evolve — your compliance strategy should too. Herald offers continuous advisory services to help your team adapt to new AML regulations, update policies, manage audits, and respond to FIU queries. We also conduct periodic gap assessments and risk evaluations, ensuring your compliance systems remain aligned with current laws and industry best practices.
Real Implementation of Risk-Based Approach
We help you build a bespoke risk-based approach that facilitates the quick identification, assessment, and management of your AML risks. Whether it is onboarding or risk analysis — our approach helps resource allocation and decisions on controls & mitigation efforts required in specific areas.
Preparing for Your Compliance Health Check & Audit
Keep your handbook ready for an upcoming audit. We run mock audits, internal compliance health checks, and policy reviews to help you stay compliant with the regulators’ incidence of FIU reviews. Our comprehensive reports identify gaps, provide recommendations, and guarantee you are in compliance with all regulations.
Are You Ready to Supercharge Your AML Compliance?
Let Herald keep you compliant, penalty-free, and your business in one piece.
Call us now for a free AML compliance consultation.
Call us now for a free AML compliance consultation.
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