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AML Law Requirements

Money laundering, in layman’s terms, is the illegal process of converting money attained by performing prohibited activities into “clean” money

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Prevention of Money Laundering is a Matter of National Interest

Being a responsible citizen of your country, you should not conceal the source/s of all your income from the authorities in the nation. But unfortunately, every country has to deal with black hats who are involved in money laundering by forming strict laws and guidelines. Money laundering, in layman’s terms, is the illegal process of converting money attained by performing prohibited activities into “clean” money so that it can be freely used in legitimate business operations. By passing money through knotty transfers and transactions, or through a series of businesses, the money is “cleaned” of its illegitimate origin and made to appear as legitimate business profits. It’s no more a secret that every year, money laundering operations deal with trillions of dollars across the world, considerably impacting major national economies. And developed countries like the UAE is no exception. Money laundering is a predicament for the UAE, despite the measures the nation has taken to battle financial, organised, and terrorist crimes. It was in 2001 when the nation came forward and took major steps to keep track of cash flows and to cooperate with global endeavours so that it can withhold financing suspicious organisations through the UAE financial system.

Anti-Money Laundering Laws

In order to safeguard the country against the possibility of money laundering and terrorist funding, the UAE Government (UAEG) has implemented a robust Anti-Money Laundering (AML) system by enacting – Law No. 4/2002, the Anti-Money Laundering law & Law No. 1/2004, the counterterrorism law are the two laws. The principle AML/CFT legislation applicable is the Federal Decree-Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations (the “AML-CFT Law” or “the Law”) and implementing regulation, Cabinet Decision No. (10) of 2019 Concerning the Implementing Regulation of Decree Law No. (20) of 2018 On Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations (the “AML-CFT Decision” or “the Cabinet Decision”).

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Services on AML Law Requirements

Keeping up with the ever-changing AML regulatory requirements is quite challenging for businesses worldwide. Even a minor fault on your part can show you severe consequences such as loss of penalties, loss of reputation, and even legal proceedings. Therefore, it makes absolute sense you approach the best Anti Money Laundering Consulting Firm in Dubai, UAE for the required support to avoid any unpleasant happenings.

Learning the wrinkles from someone more experienced in the field not only gives you peace of mind but also saves tons of time. Whether you are setting up a business in Dubai or any part of the world, the implementation of a owerful Anti Money Laundering system all across your business is paramount. The strict regulations against money laundering and suspicious activities imposed by the government bodies and the ever-rising AML compliance needs have made remaining compliant challenging. Here comes the need to take advice from an expert business setup consultant in Dubai. Adam Global is an award-winning business consultancy firm in Dubai, UAE, armed with the most experienced professionals who go the whole hog to render quality AML consulting services for your entire AML journey. Because we understand that being AML compliant is not only crucial for companies but also, it’s a social commitment for them.

Why AML Compliance Consultation?

The fact that the regulatory environment for AML compliance is getting complicated day by day can have your stomach in knots. Authorities in nations worldwide issued unprecedented money-laundering fines in 2020, five times more than the prior year’s totals. And recently in August 2021, Dubai announced a special court focused on combating money laundering in an attempt to “strengthen the integrity of the financial system,” as stated by the Emirate’s media office. In January of this year (2021) itself, the UAE handed out $12 million worth of fines to banks breaching anti-money laundering laws. You yourself can understand how important it is to conduct AML compliance with kid gloves more than ever.

To steer clear of these sorts of nail-biting moments or unpleasant incidents, you have to have an expert by your side who can ensure your business runs smoothly and cleanly with all aspects AML compliant. Before you engage a consultancy for AML compliance consultation, make sure the company executives are abreast with the constantly changing regulations of the AML Act. And when you approach Adam Global for AML service requirements, you can sit back and relax knowing that you are at the right place – a place where clients are provided with world-class services by the AML advisors who love keeping tabs on the latest updates and sharing them further. The seasoned AML consultants at Adam Global never hesitate to share with their clients any important information about the law and how best they can implement it in their organization and remain anti-money laundering regulations compliant. We are looking forward to fulfilling your AML requirement.

FAQ

Hiring an external AML Consultant or maintaining an internal AML Compliance department, which option is more cost-effective?

Laws keep on changing, and setting up an AML Compliance Department within your company is always advantageous for you, whether you are a financial or non-financial institution. And one of them is you don’t have to shell out a consultation fee every now and then. However, sometimes the cost of maintaining the compliance team can burn a hole in your pocket. Usually, the establishments featuring a huge customer base opt to have an in-house anti-money laundering department as they are more prone to the risk of money laundering activities. You may always consult with us about the feasibility of having your own Compliance Department within the company. Plus, our Compliance Advisors can help you find the right human resource for you, as the selection of perfect staff is crucial. Caveat: Make sure the communication between the compliance team and management is smooth and unobstructed. We are happy to help you at every step of the way, from keeping a check on the employees’ working efficiency, developing procedures and implementing best practices to regular monitoring and reporting. We can also assist you in the creation of a predefined manual for AML/CTF checks.

Why do I need a predefined manual for AML/CTF checks?

If you have an in-house Compliance Department, you certainly need to have a standard manual defining all the required AML/CTF checks. It is a necessary tool for keeping your company compliant while supporting you in standardising the AML procedure, aiding employees in their everyday activities. The manual is designed keeping the size, nature, and complexity of your business, the number of clients you interact with on a regular basis, the regulatory framework applicable to you, and the type and volume of transactions in view. The elaborated manual must contain the process of how screening, KYC due diligence, risk profiling, and transaction check will take place. You may get in touch with us to keep your personalised AML manual up-to-the-minute and organisation compliant with the AML laws. Also, if you need any help in training your AML staff to keep them informed and vigilant, you are covered at Adam Global.

What is KYC Due Diligence?

For your business, it’s important to know and verify whether the customer you have stumbled upon is who they say they are. That’s what KYC is for. There are tons of transactions that take place through the financial system of your firm, so it becomes vital to ‘Know Your Customer’. KYC Due Diligence aims to figure out the risks associated with these financial transactions. It is a crucial measure to ensure that the customer you are dealing with is reliable and what type of further investigation is required if the system finds them suspicious. Many companies fail to have an effective KYC, resulting in compliance issues and fines. You can always take advantage of the KYC Due Diligence service provided by our competent advisors who bend over backward to give you an accurate picture of the customer details no matter how tiresome the AML process is.

What is the difference between KYC and Customer Due Diligence (CDD)?

KYC is a screening process conducted at the early stage of laying down business relationships with the potential customers, while Customer Due Diligence (CDD) checks continue throughout the client relationship. CDD is an ongoing process to monitor any possible suspicious activities aimed at money laundering. Both are a crucial part of an anti-money laundering (AML) program.

What is AML Enhanced Due Diligence?

KYC doesn’t suffice if you are dealing with high-risk customers. It is highly recommended you perform a rigorous background check on them, depending upon their risk profile before you make the deal. For that, you need to approach some experienced Due Diligence Consultant for the Enhanced Due Diligence service. Enhanced Due Diligence service providers thoroughly study all the aspects related to the customer including the nature of their business, the purpose behind the transaction, method of payment, beneficiary of the transaction, the local market reputation of the business, and whatnot.

What is AML Mystery Shopping?

If your staff does care about the source of funds, then forget about the AML penalties. It is important to make sure that the employees are abiding by the AML Compliance guidelines. But how? AML Mystery Shopping is the answer. Whereas the AML compliance audit is for monitoring the ongoing process, mystery shopping updates you about how efficient and sincere are employees to their work when it comes to AML compliance. Keep your AML strategy right as rain with Adam Global. Mystery shoppers when hired check the screening and KYC process by pretending as a customer and work their best to find out any loopholes in the system and make sure the process is foolproof. They also let you know whether the constituted procedures are followed in their true sense and what alterations are required.

Contact Us for A Free Consultation!

Don’t wait until it’s too late. Contact Adam Global Auditing & Accounting today to learn more about how we can help your business comply in the UAE and maximize your savings.

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