AML in UAE – Certified Anti-Money Laundering Compliance Services

AML in UAE in applicable on all the Designated Non-financial Businesses and Professions’ (DNFBPs). The UAE has become an important financial center in the world due to strong economic policies and a favorable business environment for everyone. This attracts local as well as international investors the most to come and start business in UAE. As financial activities increase and more local and international banks operate, the risk of financial crimes like money laundering and terrorist financing also grows. These risks can affect everyone including the large multinational companies.

The UAE has introduced new regulations to enhance its capability to combat financial crimes related to AML in UAE. With Vertix Auditing, businesses can easily handle the money laundering risks present in the DIFC and other financial areas across the UAE because we are expert in it.

What is Money Laundering

Many people around the world have no idea about the Money Laundering. It is a very big and serious crime where the people take heavy amounts of money that are earned through illegal activities, for instance drug trafficking or terrorism funding, and try to show that they came from a legal source. To stop this, banks as well as financial institutions have set up rules and systems called anti-money laundering (AML) measures because it is very important. These helps to carefully identify and prevent such activities, making the financial system safer for everyone.

Anti-Money Laundering Compliance Services

In the context of AML in UAE, compliance services play a vital role by effectively and efficiently helping businesses identify, prevent, and report financial transactions that are suspicious in nature. These services ensure that your business is comprehensively following the international as well as local legal requirements on money laundering and terrorist financing so that there will be no problem for the future thus reducing the risks that cause legal and financial losses.

Vertix is ready to provide the best AML advisory services to the DNFBPS in the UAE. To help you follow the regulations, we carefully ensure that your business complies with anti-money laundering laws. If a company does not follow these rules, it can face heavy fines that could impact its growth a lot. Also, we offer comprehensive training to your staff to ensure that they are well equipped with knowledge to contribute in fighting against Money Laundering and ensure that your organization follows all the laws and regulations.

Why You Should Choose Vertix?

At Vertix, our goal is to offer our clients the best and most complete AML compliance solutions. Here, at Vertix, we have the experienced team that knows the local and the international laws. We are concerned about your business and you, so we develop the best possible solutions for you and make your business fully compliant with the AML laws. With a strong delivery model and a committed team, we offer the assurance and guidance that you require to safeguard your business from money laundering.

Our Comprehensive AML Services

We are here to help you in creating and maintaining strong AML/CFT policies that completely fit your business needs. Whether you need a new AML/CFT Policy and Procedures Manual or you just want to update your current policies, we are here to guide you effectively and give you the best advices. With our professional experience, we also carefully help in creating Anti-Bribery and Anti-Corruption policies to make sure your business stays on track as well as compliant with the law.

Risk Evaluation and Risk Profiling

Understanding as well as managing customer risks is important to keep your business safe and on track. We help you review how you currently evaluate risks and enhance your methods to meet the latest rules efficiently. Our exceptional team can also help you create a Risk Register, which will help you spot as well as reduce potential risks, ensuring your business remains secure and compliant.

AML/CFT Health Check

To keep your AML/CFT practices effective, we provide regular health checks. We, identify any gaps in your current procedures and recommend possible improvements that can be made. Additionally, we carefully review your onboarding and transaction processes to make sure they are current and comply with all regulations. Our health checks help your business stay ahead of potential risks and remain safe.

AML IT Systems

Choosing the right technology is crucial for effective AML compliance. We Vertix,  guide you in selecting the best AML/CFT software for your needs, offering examples to help you make the right and best choice. We also check your current software to make sure it is properly managing risks and monitoring suspicious activities effectively.

Compliance Assistance

We offer continuous support to help you follow AML regulations. We assist you in signing up on the goAML Portal and add extra checks for high-risk customers to ensure you follow all the regulations. Our team also assists in preparing required reports, screening customers and business partners, and carrying out audits and reviews when needed. We make sure your compliance efforts are complete and effective.

AML Training and Staff Development

Your staff is essential for ensuring AML compliance. We provide thorough training programs to educate your team on AML regulations and best practices. This training improves their ability to identify as well as respond to suspicious activities, helping to make your business more secure and reliable.

AML Compliance Officer

AML compliance can be challenging, that is why we offer a professional AML Compliance Officer to assist you effectively to make your problems easy. This officer will take care of your Anti-Money laundering task, maintain your procedures in line with the latest regulations, raise any concerns that you may have about the activities that are taking place, and offer ongoing training and support to your team. When it comes to a specific AML Compliance Officer, this means that you can leave the compliance issues to us while you attend to other activities in your business.

Industries We Serve

• Banks
• Real estate brokers and dealers
• Money transmitters
• Insurance providers
• Law firms
• Financers and investors and their advisors

Cabinet Decisions Related to AML /CFT in UAE

Decisions by the UAE Cabinet on AML and CFT rules:

• Federal Decree-Law No. (20) of 2018 focuses exactly on the AML, CFT, and the financing of illegal organizations.
• Cabinet Decision No. (10) of 2019 outlines regulations for implementing the above law on AML and CFT.
• Cabinet Decision No. (58) of 2020 regarding the regulation of Beneficial Owner procedures.
• Cabinet Decision No. (74) of 2020 deals with managing terrorism lists and following United Nations rules. These rules aim to stop the financing of terrorism, prevent the spread of dangerous weapons, and address related issues.

The Requirement for AML and CFT Legislation

There are some essential rules that should be follow by the financial institutions in order to meet the AML and CFT requirements. First, they need to appoint a knowledgeable Compliance Officer. This person ensures that the institution follows all legal and regulatory guidelines. Next, institutions must carry out Due Diligence. This means checking who their clients are to make sure that they are not doing anything that is illegal. If any suspicious transactions are found, they must report them to the authorities to help fight against illegal activities effectively. Institutions are also required to register with the goAML system, a platform for reporting suspicious activities. Additionally, they need to use automated tools to check lists of banned or sanctioned individuals and organizations. These steps help institutions to stay compliant with regulations as well as they effectively prevent financial crimes to keep the company safe.

Reporting Suspicious Transactions to Ensure AML Compliance

It is necessary for Financial Institutions to efficiently monitor as well as report any transactions that seem suspicious or might be linked to illegal activities because it is important to detect and stop crime. Suppose there is any sign that a transaction could involve criminal activity. In that case, the Compliance Officer must report it to the Financial Intelligence Unit (FIU) through the goAML system, regardless of the amount. It is the responsibility of a Compliance Officer to provide any detail that is requested by the FIU for the investigation. This process is important for stopping and finding financial crimes, which helps keep the financial system secure and safe.

What is goAML Registration?

The goAML is an electronic system used by the FIU to handle reports of suspicious transactions efficiently. It helps the FIU receive, review, and act on these reports effectively. This system is used by financial authorities around the world, and the UAE was the first country in the Gulf region to start using it.

Advantages of goAML System

The goAML system offers several important benefits for compliance reporting. It makes it quick and easy to submit Suspicious Transaction Reports (STRs) so that they reach the right authorities on time and cause no problem. The system also helps to handle requests from the Financial Intelligence Unit (FIU) more efficiently. With goAML, you can securely send STRs, keeping sensitive information safe. By simplifying these tasks, the system can also help your business save money.

GoAML helps to reduce the risk of penalties to make it less likely for your business to face fines or suspension from the Ministry of Economy (MoE). It boosts your company’s reputation by showing you follow honest as well as responsible practices, building trust with clients and partners. It is important maintain good reputation for future investments. Additionally, the system strengthens your AML/CFT program by helping identify and reduce financial crime risks, keeping your business safe.

Take Action

At Vertix, we are here to help you with AML compliance. Our team of highly skilled experts is ready to support you in setting up strong AML measures that completely fit your business. Our aim is to keep UAE save from Money Laundering to make a secure environment. We provide clear guidance and help so that you stay on top of regulations to keep your business safe from financial crimes. Contact us today to start taking steps toward complete AML compliance. We are here to help you at every single step. Choose us for expert, reliable AML compliance support and start safeguarding your business today.