AML Compliance

AML-Anti Money Laundering Services in UAE

in the UAE, stringent Anti-Money Laundering (AML) regulations are essential for maintaining financial integrity and combating financial crime. we offer expert support to help businesses navigate these complex regulations. Our AML services, including AML Registration (goAML Registration), Audit & Inspection Support, and Compliance, ensure that your business meets all regulatory requirements, mitigates risks, and prevents penalties.

Our AML – Anti Money Laundering Services in UAE

AML Registration

Seamless AML Registration for Full Compliance

AML Audit & AML Inspection Support

In-Depth AML Audits for Enhanced Compliance

AML Compliance in the UAE

Proactive AML Compliance for Secure Business Operations

Money laundering is the process of making illegally obtained money appear legitimate. It involves disguising the origins of illicit funds through various methods, including cash laundering and financial transactions.

AML Law in the UAE

Applicability and DNFBPs

The UAE’s AML Law applies to financial institutions, banks, insurance companies, and Designated Non-Financial Businesses and Professions (DNFBPs), including:

  • Dealers in precious metals and stones
  • Real estate agents and brokers
  • Trust and corporate service providers
  • Auditors and independent accountants
  • Lawyers, notaries, and other legal professionals

The Legal Framework - UAE’s AML/CFT regulations

  • Federal Decree-Law No. (20) of 2018: Addresses Anti-Money Laundering and Combating Terrorism Financing, amended by Federal Decree-Law No. (26) of 2021.

  • Cabinet Decision No. (10) of 2019: Implements Federal Decree-Law No. (20) of 2018, amended by Cabinet Resolution No. (24) of 2022.

Additional Key Legislation

  • Cabinet Decision No. (58) of 2020: Regulates Beneficial Ownership Procedures.

  • Cabinet Resolution No. (53) of 2021: Defines administrative penalties for breaches of beneficial ownership regulations.

  • Cabinet Decision No. (16) of 2021: Outlines violations and fines related to AML/CFT measures.

  • Cabinet Resolution No. (74) of 2020: Regulates the implementation of UN Security Council Resolutions on countering terrorism financing and weapons proliferation.

AML Compliance in the UAE

  • AML Registration (goAML Registration): Mandatory registration with UAE authorities to comply with AML regulations.

  • Anti-Money Laundering Services: Includes transaction monitoring, risk assessments, and compliance audits.

  • AML Law and Regulations: Governed by Federal Decree-Law No. (20) of 2018, Cabinet Decision No. (10) of 2019, and Cabinet Resolution No. (74) of 2020.

  • AML CFT Regulations: Includes Counter-Terrorist Financing laws for preventing terrorism financing.

  • KYC AML: Know Your Customer procedures for verifying client identities.

  • Anti-Money Laundering Structuring: Implementing organizational structures to support AML efforts.

  • Anti-Money Laundering Screening: Anti-Money Laundering screening involves examining transactions and customer activities to detect suspicious behavior and prevent money laundering.

AML Audit & AML Inspection Support

  • AML Audit: Reviewing AML policies and procedures for compliance.

  • Inspection Support: Assisting with regulatory inspections and documentation.

  • Compliance Assurance: Ensuring ongoing adherence to AML regulations.

Key Penalties for AML Non-Compliance

  • Substantial Fines: Penalties for failing to adhere to AML regulations, scaled by violation severity.

  • Asset Forfeiture: Seizure of assets linked to money laundering or terrorism financing.

  • Criminal Charges: Potential imprisonment and additional fines for individuals or businesses involved in illegal activities.

  • Reputational Damage: Harm to business reputation, affecting client trust and market position.

  • Operational Restrictions: Increased regulatory scrutiny and potential operational restrictions.

  • License Revocation: Risk of losing the right to operate in the UAE for repeated non-compliance.

SKM Accounting is a trusted provider of Accounting, Audit, and Business Consultancy services in the UAE. Our experienced team delivers accurate, compliant, and transparent financial solutions tailored to your needs. We specialize in Accounting & Bookkeeping, Audit & Assurance, Company Formation, and AML Compliance, ensuring your business runs smoothly while meeting all regulations.

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