The UAE’s Ministry of Economy has made mandatory for all Designated Non-Financial Businesses and Professions (DNFBPs), namely Real Estate Brokers & Agents, Corporate Services Providers, Independent Accountants & Auditors, Lawyers, wholesalers in Precious Metals & Stones to comply with the UAE Federal Decree-law No. (20) of 2018 On Anti-Money Laundering And Combating The Financing Of Terrorism And Financing Of Illegal Organizations and Implementing Regulations 10 of 2019.
It has extended the grace period until March 31 for these business categories to be in full compliance with AML laws.
Businesses that fail to do so, will face fines ranging from Dh50,000 to up to Dh5 million and/or imprisonment.
DNFBPs, being the first line of defense to prevent illegal money entering the financial system, are required to take the following measures:
1. Appoint/outsource a Compliance Officer
2. Perform Customer Due Diligence investigations
3. Report suspicious transactions
4. Register with the Financial Intelligence Unit (goAML) and on the Automatic Reporting System for Sanctions Lists.
5. Have AML systems and processes, including the training of all relevant staff
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