AML And CFT Advisory UAE

Designated Non-Financial Businesses and Professions (DNFBPs) include: real estate brokers and developers, dealers in precious metals and stones, corporate service providers (trust and company service providers), independent auditors and accounting firms, and legal consultants.

Under Cabinet Decision No. (16) of 2021, administrative fines range from AED 50,000 up to AED 5,000,000 per violation, along with commercial license suspensions, freezing of bank accounts, and criminal prosecution for willful non-compliance.

An EWRA is a formal, documented assessment identifying money laundering and terrorist financing risks specific to your company’s customer base, geographic reach, product lines, and transaction mechanisms. It must be updated annually or upon significant operational changes.

Yes. UAE law mandates that every licensed DNFBP appoint a designated Money Laundering Reporting Officer (MLRO) or Compliance Officer responsible for day-to-day AML oversight, regulatory reporting, and FIU correspondence.

Customer Due Diligence (CDD) involves identifying and verifying the customer and Ultimate Beneficial Owner (UBO) using reliable official documents. Enhanced Due Diligence (EDD) is mandatory for high-risk customers, Politically Exposed Persons (PEPs), or high-risk jurisdictions, requiring source-of-wealth and source-of-funds verification.

AML/CFT training must be provided to all relevant employees at least once annually, with additional onboarding sessions for new joiners. Comprehensive attendance records, test scores, and presentation materials must be retained for inspection.

All customer identification records, KYC forms, transaction vouchers, internal suspicious activity logs, and screening results must be retained for a minimum statutory period of 5 years from the date of transaction or termination of the business relationship.

We conduct pre-inspection documentation audits, organize complete KYC files, prepare your MLRO for interview questions, assist in drafting official responses, and represent your firm during regulatory walkthroughs.