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Why AML Compliance?
All Designated Non-Financial Businesses and Professions (DNFBPs) are required to register on the GoAML portal. The GoAML portal is an integrated platform used to file Suspicious Transaction Reports (STRs) and/or Suspicious Activity Reports (SAR) and to receive regulatory updates from the Ministry to implement them in the organization from time to time. Under Federal Decree Law No (20) of 2018 and Article 20(2) of Cabinet Decision No (10) of 2019, it is obligatory to have procedures in place to report suspicious transactions to manage Anti-Money Laundering (AML). This system allows companies to help authorities identify criminal and suspicious activity. Failure to register on GoAML may result in severe penalties invoked by the Ministry of Economy.
Deadline for GoAML Registration for existing organizations:
For the regulated organizations that existed on March 31, 2021; the deadline prescribed by the Ministry of Economy for the UAE FIU registering on the GoAML Portal was extended up to April 30, 2021.
Does your company fall under DNFBPs?
- Are you a dealer of precious metals or stones?
- Are you a Real-Estate Firm?
- Are you a Trust or Corporate Services provider?
- Are you a legal consulting company?
- Are you an auditing or accounting firm?
If answer to any of the questions above is Yes, you’re a DNFBP and accordingly you need to comply with the AML regulations.
DO YOU THINK COMPLIANCE IS EXPENSIVE? TRY NON-COMPLIANCE!
Penalty for non-compliance:
Failure to comply with AML guidelines and regulations may result in severe penalties invoked by the Ministry of Economy which may range from AED 50,000 to AED 5 Mn depending upon the instances of non-compliance.
AML Compliance Services offered by Adam Global:
The GoAML portal serves as an all-in-one system for submitting Suspicious Transaction Reports (STRs) and/or Suspicious Activity Reports (SARs) and for receiving regulatory notifications from the Ministry. We facilitate the organization’s registration on GoAML, which is a fundamental and obligatory step in ensuring compliance with AML regulations. This registration is the initial and essential requirement for initiating adherence to AML regulations.
We assist our clients in comprehending the risks associated with money laundering and the financing of terrorism that their businesses may encounter. We analyze their business procedures to pinpoint any vulnerabilities that could be exploited by individuals seeking to legitimize unlawfully acquired funds. Based on such assessment, we help the client meeting the compliance requirement, drafting of policy documents and preparing the Risk Assessment Report for onward submission.
Drafting Policies and Procedures
As regulatory requirements concerning Money Laundering and Terrorism Financing have increased for organizations in the UAE, we furnish client organizations with policy documents to assist them in maintaining compliance with AML/CFT regulations.
Our aim is to equip our clients with well-structured and up-to-date policy guidelines that cover various aspects of AML/CFT compliance. This includes outlining procedures, protocols, and best practices that organizations should implement to mitigate the risks associated with financial crimes and terrorist financing activities. By doing so, we assist our clients in not only meeting regulatory requirements but also in fostering a robust and vigilant approach to safeguarding their operations against illicit financial activities.
3 Tier Training to Employees and Senior Management
We offer AML training in three tiers for Employees and Senior Management in the organization:
- Senior Management
- The department responsible for client onboarding
- All employees collectively
This training aims to enhance employees’ understanding of Money Laundering and the necessary preventive measures. It provides a more profound grasp of AML compliance strategies on the global, national, and organizational scales. This equips both the company and its workforce to bolster their ability to thwart financial crimes. However, employees involved with DNFBPs must adhere to periodic training sessions in compliance with AML regulations.
Screening of Clients
Customer screening aids the company in reducing the danger of a criminal or money launderer being onboarded. The purpose of AML name screening is to identify people or organizations that are or have been major figures in government, politics, or business and may be at a higher risk of being involved in financial crimes like money laundering or bribery. We screen your clients before you onboard them as a customer or supplier to verify their identity and assess their risk levels.
Compliance Report and other reporting under AML Regulations
We assist you in fulfilling AML Regulatory Reporting obligations, including but not limited to Quarterly Compliance Reports, responding to inquiries from AML regulatory authority, fulfilling particular information requests, or meeting stringent deadlines. Regulatory Reporting obligations may include –
- Dealers in Precious Metals and Stones Report (DPMSR) Submission
- Suspicious Activity Report
- Suspicious Transaction Report
- Monthly Report by the AML Compliance Officer to the Management
- Real Estate Activity Report (REAR) submission by real estate brokers and agents and law firms
- Funds Freeze Report
- Partial Name Match Report
- Responding to Surveys and Questionnaires
- Annual AML/CFT Risk Assessment Report Submission
- Quarterly Compliance Report
Appearance for AML Inspection/Compliance Audit conducted by the Government
We help our clients navigate appearances before Government Regulatory Bodies for periodic Inspections or Compliance Audits, ensuring a seamless and efficient process.
Secure AML Compliance with Adam Global in Dubai. Act Now! # 1 Business Advisory since 2002