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Talk with us: AML Services
In the United Arab Emirates (UAE), Anti-Money Laundering (AML) regulations form a critical component of the country’s financial and legal framework. These regulations aim to combat money laundering, terrorism financing, and other financial crimes. Over recent years, the UAE has significantly enhanced its AML laws to align with international standards, particularly those established by the Financial Action Task Force (FATF).
Key Features of AML in the UAE
Regulatory Authorities
Primary authority overseeing AML regulations for financial institutions, including banks and money exchanges.
A division of the Central Bank that receives suspicious transaction reports (STRs) and coordinates investigations with law enforcement.
Both play key roles in enforcing AML measures within their respective sectors.
AML Laws and Framework
Criminalizes money laundering activities and mandates financial institutions to report suspicious transactions. – Regularly updated to strengthen AML measures.
Targets the prevention of terrorism financing as part of the UAE’s broader AML and counter-terrorism strategy.
Provides detailed guidelines for financial institutions on identifying suspicious transactions and implementing enhanced due diligence measures.
UAE Penal Code
KYC and Customer Due Diligence (CDD)
– Real Estate Agencies
– Dealers in Precious Metals
– Casinos
– Verifying customer identities.
– Monitoring transactions for unusual or suspicious patterns.
– Conducting enhanced due diligence (EDD) where higher risks are identified.