Organizations in the United Arab Emirates are always at risk due to the growth of money laundering and terrorism financing activities. It casts serious questions on the integrity of a company and could damage its reputation. Since there is a potential of exposure to money laundering and terrorism funding activities, it is crucial for organizations to fully regulate their processes and operations.
As a country that has become an important global financial center for doing business, the UAE has reiterated its commitment in working with the international community to combat financial crime and remind businesses of their obligations in relation to international sanctions programs.
Organizations in the UAE require strategies and ways to protect their business from money laundering and financing of terrorism activities in order to avoid AML risks and penalties. To check for any potential effects of money laundering or terrorism financing, they must have the proper rules and procedures in place. In order to minimise the dangers of money laundering and terrorism funding at any point in their activities, they must implement the necessary AML/CFT policies and control mechanisms.
The AML policy, procedures and guidelines have to be commensurate with the nature and size of the business. The appointment of the AML Compliance Officer has to ensure that the provisions of the UAE AML Law are complied with.
To date, effective measures, and proactive regulatory action for protecting the UAE's regulatory and financial environment have been implemented by the competent UAE authorities, including the Central Bank of the UAE, Securities and Commodities Authority, Ministry of Economy, Ministry of Justice, Abu Dhabi Global Market and the Dubai Financial Services Authority, as well as close inter-agency cooperation.
Our team can provide advice and proper direction on the process of goAML registration and a broader level guidance on the compliance requirements. Please reach out to us for any queries.