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Anti Money Laundering In Dubai, UAE

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Anti Money Laundering In Dubai, UAE

Anti Money laundering in Dubai is the illicit process of making large sums of money through criminal activities, such as terrorist funding or drugs trafficking. It is a serious financial crime in the UAE, that badly hurts the growth rate and tax revenues of businesses. It is easy to see that anti-money laundering in Dubai harms a company’s goodwill that they earn over years.

The United Arab Emirates is located at the center of international trade and commerce. That is why the emirates’ government continuously improves financial regulations and effectively implements them to combat the risks associated with anti-money laundering in Dubai in the region. These money launderers go through these three stages to clean their black money:

Placement: 

Transferring dirty money into a legitimate financial institution. In simple words, black money is pumped into legal businesses and financial systems.

Layering: 

Using a series of transactions and bookkeeping tricks to hide the source of the funds. At this stage, a web of intricate transactions is created to obscure the original owner and source of funds.

Integration: 

The criminals withdraw the laundered money from the legal account in order to utilize it. This is the stage where dirty money is mixed and absorbed into the legal economy. This is done very cleverly to ensure an appropriate explanation for the source of funds and where the money came from. It is usually done by investing in real estate, precious metals such as gold, or nowadays investments in Cryptocurrencies.

Recent Evolution Of Anti Money Laundering Laws In UAE

Anti Money Laundering UAE is a risk on the planet because it turns billions of black money into white. That is why anti-money laundering UAE laws have been established to make it harder to hide money and get away from money corruption. Anti-money laundering UAE laws are a critical defense system for businesses. To get you out of this dirty pool of money, financial institutions are playing a crucial role in this region. As the UAE Central Bank stated very clearly against AML and CTF:

 “A critical part of UAE Central Bank is to ensure that all licensed financial institutions have a deep comprehension of their role in mitigating and addressing the risk of illicit activities in the UAE’s financial system” 

Also, there is the latest guideline for licensed financial institutions, that companies are constrained to report directly to the UAE’s Financial Intelligence Unit and fill a ‘suspicious activity report’ about any suspicious activities in the firm.

Penalties For Doing AML & Financial Terrorism

The UAE strengthened its legal authorities to counter-terrorist financing and anti-money laundering UAE, bypassing heavy sentences. An individual or group caught in a money laundering case has to bear fifteen-year imprisonment, suspension of license, and a penalty equal to the dirty amount. The UAE authorities have implemented smart systems to detect fake or layered accounts that cover up illicit assets. Also, culprits must pay heavy fines of AED 50 million for being indulgent in this illegal activity. Get more information about Anti Money Laundering Laws and Penalties.

Individuals & Corporations Needed To Register For AML

For a business that falls under the scope of Money Laundering Regulations, it must be monitored by a supervisory authority. Businesses fall into four categories that must be registered for AML. The following guide will help you decide whether you need to register.

Real Estate Agents And Brokers

Real estate agents have required anti-money laundering registration while brokering for immediate residency, selling or purchasing commercial land, and renting out any property in order to gain the trust of clients.

Gold & Other Precious Metal Dealers

AML registration is required for all dealers of precious metals, after that our advisors report any suspicious dealing or series of related transactions in the form of a suspicious transaction report (STR).

Accountants And Auditors 

Ensure that all financial transactions and bookkeeping in businesses are conducted legally. This AML fair reporting saves businesses from any financial crime.

Providers of corporate services & Trust Funds

Registration is mandatory in UAE when corporate service providers and trustees undertake business operations for the benefit of their clients.

Anti Money Laundering Registration In UAE

In the UAE, all organizations regulated by the Central Bank or other financial authorities are required to register on the goAML (Anti-Money-Laundering System) that strategically controls financial crime. The following documents are required for goAML registration;

  • Valid and active e-mail address for the Nominated Person
  • An active mobile number (UAE or international number is accepted) for the Nominated Person
  • All supporting documentation for the organization and the nominated person is prepared in a consolidated PDF file
  • Authorization letter from the institution
  • Information of the nominated person should be provided as Admin and user in the system
  • Valid Passport Copy
  • Valid Residency VISA Copy
  • Valid Emirates ID
  • Valid commercial trade license

BestaxCA Performs A Critical Role In AML Compliance In Dubai

Bestax Chartered Accountants always feel delighted by improving the compliance of your businesses in Dubai to ensure you don’t get into trouble. Our AML professionals monitor customers’ transactions and report on suspicious financial activities by following all relevant anti-money laundering rules and regulations. We will deeply analyze the firm’s existing AML framework and provide suggestions to smoothen the AML compliance process.

How Bestax Chartered Accountants Fight Against AML?

Bestax Chartered Accountants fully understand money laundering consequences in the UAE market. That is why it provides quality AML compliance services by following the regulations of Dubai, Sharjah, and UAE. There are some proven tactics that BestaxCA utilizes to fight against anti-money laundering:

Monitor Data Analytics & Transactions

Our AML specialists uncover potential risks regarding geographical locations and extract valuable insights from them. Also, we closely monitor customers’ transactions and accounts for any doubtful activity that could indicate money laundering. This will help them to trigger money launderers, even if they are using multiple PINs or connections for financial terrorism.

Regular Cross-Communication

We always believe in open relationships with our clients to keep each other up to date about law enforcement regarding anti-money laundering in Dubai. Bestaxca assures daily reporting through a standardized system and also, arranges regular meetings for achieving your business goal.

Customer Due Diligence (CDD) 

Bestaxca properly follows CDD measures in place to ensure the nature of business and verify the customers’ legitimate identities. The customers who’re suspected of money laundering are subjected to go through enhanced due diligence measures (EDD) by a team of AML professionals, financial analysts, and compliance experts.

AML Structured Training

Bestax Chartered Accountants not only provide consultancy for AML compliance but also upskill your executives and employees in Anti Money Laundering laws and regulations, Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD), Know Your Customer (KYC), and their screening. This customized training according to your industry helps you to remain on the safe side and save your business from any penalty.

Bestax Chartered Accountants, take pride in providing our clients with the best financial advisory and compliance services. You can contact us at the following information, or register for a completely free call back by scrolling up and filling out the form.

The goAML portal is an online platform that helps businesses to comply with their AML/CFT obligations. The portal provides a range of online services, including registration, filing of Suspicious Transaction Reports (STRs), and submitting Customer Due Diligence (CDD) information.

The following documents are required for goAML registration;

  • Valid and active email address for the Nominated Person.
  • An active mobile number (UAE or international number is accepted) for the Nominated Person.
  • All supporting documentation for the organization and the nominated person is prepared in a consolidated PDF file.
  • Authorization letter from the institution.
  • Information of the nominated person should be provided as Admin and user in the system.
  • Valid Passport Copy.
  • Valid Residency VISA Copy.
  • Valid Emirates ID.
  • Valid commercial trade license.

A: Our AML specialists uncover potential risks regarding geographical locations and extract valuable insights from them. Also, we closely monitor customers’ transactions and accounts for any doubtful activity that could indicate money laundering. This will help them to trigger money launderers, even if they are using multiple PINs or connections for financial terrorism.

A: Our AML training is customized according to your industry and helps you to remain on the safe side and save your business from any penalty. We recommend that you train your employees on AML compliance at least once a year.

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