The Ministry of Economy has recently issued Guidance to all Designated Non-Financial Businesses and Professions (DNFBPs) obligating them to strictly comply with Anti-Money Laundering and Terrorist Financing (ML/TF) Regulations.
This is in full recognition of the vulnerability of DNFBs to ML/TF. This guidance is applicable to all DNFBP entities in the Mainland and Commercial Free Zones of the UAE.
DNFBPs include, Real Estate Sector, Accountants and Lawyers, Dealers in Precious Metals and Stones and Corporate Services providers.
All DNFBPs are required to immediately implement the following by 31st March 2021 as per Circular 1/2/3/4- 2021:
- Registration on the Go AML portal
- Registration for receiving sanction updates.
- Appointment of a Compliance Officer with adequate competence and experience
Other Compliance obligations include:
- ML/TF Risk Assessment using a Risk-based approach.
- Development of AML/CFT Policies and Procedures and Internal Controls commensurate with identified ML/TF risks
- Risk-Based Customer Due Diligence (CDD) and on-going monitoring
- Suspicious Transactions Reporting
- Staff Training in AML/CFT for Senior Management, Middle Management and FLAs
- Compliance with Sanctions Rules
It is the responsibility of Senior Management to ensure Compliance with the Regulations.
Non-compliance will lead to censure, suspension of licenses and punitive fines.
Crowe UAE is at the fore-front of AML/CFT Compliance assistance being provided to all regulated entities.
Our Compliance team will assist your organization to fulfill the requirements under the Circular No 1/2/3/4-2021 and help your compliance efforts to avoid regulatory sanctions.
- Broker and Real Estate Agents
- Dealers in Precious Metals and precious Stones
- Accounting and Auditing firms
- Corporate Services providers
Look forward to welcoming you in the webinar.
Date: 11/03/2020
Time: 2.00 PM
Platform: GoTo Webinar
Further details: [email protected]
