AML/CFT Compliance Statement
Bestax Chartered Accountants “Bestax,” “we,” “our,” or “us” is committed to conducting business with integrity and to the highest standards of regulatory compliance.
As a professional accounting, audit, tax, and corporate services firm, we take our obligations to combat money laundering, terrorist financing, and other financial crime seriously, both for ourselves and on behalf of the clients we serve.
This statement summarises our approach to anti-money laundering and counter-terrorist financing “AML/CFT” compliance.
1. Our Commitment
We are committed to:
- Complying fully with applicable AML/CFT laws and regulations in the jurisdictions in which we operate.
- Preventing our services from being used, knowingly or unknowingly, to facilitate money laundering, terrorist financing, sanctions evasion, or other financial crime.
- Maintaining robust internal policies, controls, and procedures.
- Cooperating with regulators, law enforcement, and financial intelligence authorities as required by law.
2. Regulatory Framework
In the United Arab Emirates, accountants, auditors, and corporate service providers are classified as Designated Non-Financial Businesses and Professions “DNFBPs” and are subject to the UAE’s AML/CFT regime, including:
- Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations.
- Cabinet Decision No. 10 of 2019 concerning the Implementing Regulation of Federal Decree-Law No. 20 of 2018.
- Related guidance issued by the UAE Ministry of Economy, the Financial Intelligence Unit “FIU”, and relevant regulators.
We are registered with the relevant UAE supervisory systems, including the goAML platform where applicable. Where we operate in other jurisdictions, such as Canada, we comply with the equivalent applicable frameworks, including the Proceeds of Crime Money Laundering and Terrorist Financing Act “PCMLTFA” and the requirements of FINTRAC.
We also align our practices with the recommendations of the Financial Action Task Force “FATF”.
3. Customer Due Diligence (CDD) and Know Your Customer (KYC)
Before establishing a business relationship and during the course of an engagement, we carry out customer due diligence appropriate to the assessed level of risk. This may include:
- Verifying the identity of clients and their authorised representatives using reliable, independent documents, for example passport, Emirates ID, visa, and proof of address.
- Identifying and verifying Ultimate Beneficial Owners “UBOs” and the ownership and control structure of corporate clients.
- Understanding the nature and purpose of the business relationship and the source of funds and wealth where relevant.
- Applying enhanced due diligence to higher-risk clients, including politically exposed persons “PEPs”.
We may be unable to act for, or continue to act for, any client who does not provide the information and documentation we require.
4. Ongoing Monitoring
We monitor business relationships on a risk-sensitive basis to ensure that transactions and activities remain consistent with our knowledge of the client, their business, and their risk profile.
We also take steps to keep client information up to date during the course of the engagement.
5. Sanctions Screening
We screen clients and relevant parties against applicable sanctions lists, including those issued by the UAE and recognised international authorities.
We do not engage with individuals or entities subject to applicable sanctions.
6. Suspicious Activity Reporting
Where we know or suspect, or have reasonable grounds to suspect, that funds or activities are linked to money laundering, terrorist financing, or other financial crime, we are legally obligated to report this to the relevant authorities, such as the UAE FIU through the goAML system.
In accordance with the law, we are prohibited from “tipping off” any person about a report that has been or may be made. As a result, there may be circumstances in which we are unable to disclose to a client the reasons for certain actions we take.
7. Record Keeping
We retain customer due diligence records, transaction records, and related documentation for the minimum period required by applicable law.
This is generally at least five (5) years following the end of the business relationship or the completion of a transaction, and longer where required.
8. Governance, Compliance Officer, and Training
We maintain internal AML/CFT policies and controls and have appointed a Compliance / Money Laundering Reporting Officer “MLRO” responsible for overseeing compliance and reporting obligations.
Relevant staff receive periodic AML/CFT training appropriate to their roles.
Compliance Officer / MLRO contact: To be updated internally before publication, if required.
9. Client Cooperation
To enable us to meet our legal obligations, we ask all clients to cooperate fully with our due-diligence and information requests.
This includes providing identification and beneficial-ownership information promptly and keeping it up to date throughout the engagement.
10. Contact
For questions regarding this statement or our AML/CFT compliance, please contact us:
This statement is provided for general informational purposes and does not constitute legal advice. It describes our policies at a high level and should be reviewed by qualified legal or compliance counsel and aligned with internal AML/CFT policy documentation before publication.
