Alert – Real Estate Agents, Corporate Services Providers, Auditors, Lawyers, gold and precious metal traders…..
I am writing this to alert all Real Estate Brokers & Agents, Corporate Services Providers, Independent Accountants & Auditors, Lawyers, Gold and Precious Metal Traders. The UAE is fully committed to combating money laundering and terrorism financing and detecting and deterring them. The Government has put in place institutional framework to address financial crime.
You need to do the following to comply with the Federal Decree-law No. (20) of 2018 On Anti-Money Laundering And Combating The Financing Of Terrorism And Financing Of Illegal Organizations.
- Appoint compliance officer (can be outsourced to an expert)
- Register on Go AML
- Have systems and procedures including the training of all relevant staff
- Perform due diligence measures including sanctions screening
- Report suspicious transactions
All the above carries a cost, however this is for the greater good of the safety of communities and protecting integrity of the financial system.
Failure to comply with the above law and regulations issued thereunder will result in serious consequences including the imprisonment.
