AML

Benchmark

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AML

Compliance with anti-money laundering laws is required in the United Arab Emirates for organizations that pose a risk. The UAE government has taken strong measures to combat financial crime that occurs in the nation by amending earlier anti-money laundering (AML) rules by Federal Decree (No 20) of 2018 on Anti-Money Laundering. The top anti-money laundering expert at Benchmark offers comprehensive anti-money laundering (AML) solutions that satisfy the regulatory requirements of companies doing business in the United Arab Emirates. AML fines and audits have grown considerably in recent years. With the help of our complete AML solutions, shield your business from legal fines.

These are the businesses impacted by the law that we have helped with AML compliance in the UAE:

Non-Financial Designated Businesses & Professions (DNFBPs)

• When completing transactions for their clients’ advantage regarding the purchase and/or sale of real estate, real estate agents and brokers
• When organizing contributions for the management, operation, or establishment of companies; when selling and/or buying commercial real estate; when managing funds that were owned by clients; when managing savings accounts, securities accounts, and bank accounts; and when conducting financial transactions for clients, notaries, law firms, and all other independent advocates and professionals.
• Dealers in precious stones and metals are prohibited from carrying out financial transactions that total more than Dh55,000 or appear to be tied to one another.
• Trust and corporate service providers – upon executing or performing transactions on behalf of clients with regard to certain activities, such as acting as agents in the establishment or creation of legal persons; working to serve as secretary, director, or partner of a business; providing a work address, registered office, administrative address, or correspondence address of a legal arrangement or legal person; and assisting or collaborating with another person in acting.

Institutions of finance

(Business organisations that provide the activities listed below)

• credit options for several types
• receiving deposits and any other money that customers may pay, including deposits made in accordance with Islamic law
• brokerage services for money
• Services for money transfers and currency exchange
• Financial leasing and transactions with securities
• Services for online banking
• Electronic payments and stored value services for digital cash and retail
• Control and creation of instruments for payment, obligations, or guarantees
• operating, managing, investing in, or trading of money, future contracts, option contracts, and any other financial instruments that can be negotiated
• managing many types of portfolios and funds
• providing financial services and taking part in the issuance of securities related to the issues
• financial activity preparation and marketing

How to Get Help from Our Experts for AML Compliance

As the country’s AML regulations tighten, more firms are looking for our knowledgeable AML professionals’ advice and guidance with AML compliance, which includes the following:

• Choosing a compliance officer

A corporation must designate a compliance officer or money laundering reporting officer to monitor its internal anti-money laundering programmed. The compliance offer will have enough power and must possess the knowledge required to perform the function for an organization successfully. Additionally, a compliance officer needs to have substantial industry knowledge or financial sector experience, particularly in AML compliance and internal or legal risk audits. Additionally necessary is the right certification.

The major regulators in the UAE have certified our team, which offers AML solutions. We also help businesses affected by AML requirements choose a compliance officer who will be in charge of reporting questionable activity.

• Recognizing, evaluating, and comprehending crime risks

With regard to the type and size of their particular businesses, our AML professionals assist DNFBPs and financial institutions in identifying and assessing their crime risks. This entails documenting the risk assessment processes, making them available to regulatory authorities upon request, and keeping them current. It also entails taking into account pertinent risk factors, such as countries, geographic areas, clients, and services, delivery channels, transactions, and products, before estimating the overall risk, as well as the necessary levels of mitigation.

• Internal policies, procedures, and controls development

In order to help manage risk identified and monitor the application of the policies, procedures, and controls, the firm assists business organizations in the UAE in developing internal controls appropriate for the size and type of their operations with senior management’s consent.

• The use of CDD measurements

Call us right now to discuss with our AML experts how we can ensure that your company complies fully with all applicable AML rules.