AML/CFT Compliance Services

service detail

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.

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.

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.

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.

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