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AML Compliance Services for Real Estate Agents in the UAE​

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AML Compliance in the UAE

The United Arab Emirates
(UAE)

has a strong commitment to combating money laundering and terrorist financing. The UAE’s Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Law is comprehensive and imposes strict obligations on financial institutions and other businesses.

LFL Consultancy is a prominent provider of AML compliance services in the UAE. We have a team of seasoned professionals who can help you in comprehending your AML obligations and implementing the necessary controls to stay compliant.

What is AML in UAE?

AML is a set of systems and controls that regulated firms/organizations are required to put in place in order to prevent, detect and report Money Laundering.

Anti-Money Laundering (AML) in UAE requires expertise and precision. AML Professionals in the UAE stand as a distinguished service provider, exclusively catering to the AML compliance needs in the UAE.

Our services help you to elevate AML standards across the region, ensuring adherence to stringent anti-money laundering guidelines and the effective counteraction against the financing of terrorism.

We’re dedicated to helping businesses in the UAE in their fight against financial crimes, be they Designated Non-Financial Businesses or Professions (DNFBPs), or Virtual Asset Service Providers (VASPs) actively combatting money laundering and terrorist financing threats. Our tailored AML strategies are designed to align with the specific risks, scale, and business nature of each reporting entity.

Anti Money Laundering Compliance Services

DNFBPs are under a lot of pressure to abide by AML requirements.

The organization must develop a thorough plan to reduce the risk of failing to adhere to local and international regulations, whether it is managing an immediate issue or addressing compliance on a big scale.

It is not optional; compliance with local and international AML regulations is mandatorily required. That’s why we are here to assist you because some regulations might not directly encourage business growth and handling both might be challenging. The services we provide in relation to preventing money laundering and preventing the financing of terrorism are listed below:

GoAML Registration:

We can help you register with the goAML system, which is the UAE’s central platform for filing suspicious transaction reports (STRs) and receiving regulatory notifications from the Ministry. This is a mandatory requirement for all businesses that are subject to the UAE’s AML/CFT regulations.

Risk Assessment:

We can help you conduct a risk assessment to identify the AML risks that your business faces, we use a risk-based approach to AML compliance, which means that we tailor our services to the specific needs of your business. This will help you to develop appropriate AML controls to mitigate these risks.

AML Policies and Procedures:

 We can draft new set of AML policies and procedures and can also modify the existing policy documents to meet the statutory requirements for your business, because we have a deep understanding of the UAE’s AML/CFT regulations, and we are up to date on the latest changes to the law. These documents will set out your organization’s AML responsibilities and procedures.

Customer Onboarding and KYC Assessment:

We can help you onboard new customers and conduct Customer Due Diligence (CDD). This includes verifying the identity of your customers and understanding their source of funds. We can also help you to identify Politically Exposed Persons (PEPs) and conduct Enhanced Due Diligence (EDD) on these customers.

Sanctions Screening:

We can screen your existing and prospective customers against sanctions lists and PEP lists. This will help you to identify and mitigate the risk of doing business with individuals or entities that are involved in criminal activity.

Training to Employees and Senior Management

This training aims to enhance employees’ understanding of Money Laundering and the necessary preventive measures. It provides a more profound grasp of AML compliance strategies on the global, national, and organizational scales. This equips both the company and its workforce to bolster their ability to thwart financial crimes. However, employees involved with DNFBPs must adhere to periodic training sessions in compliance with AML regulations.

Compliance and other Reporting:

 We can help you to prepare and submit compliance reports to the relevant authorities. This includes Suspicious Transaction Reports (STRs), Suspicious Activity Reports (SARs), and other reports as required by the AML/CFT regulations.

AML Inspection and Audit Representation:

We help you navigating the appearances and representations at AML inspections and compliance audits conducted by the government. This will help you to ensure that your business is in compliance with the AML/CFT regulations.

Conclusion

LFL Consultancy is a leading provider of AML compliance services in the UAE. We have a team of experienced professionals who can help you understand your AML obligations and implement the necessary controls to stay compliant. We are committed to providing our clients with the highest quality services and support.

FAQ’s of AML Compliance in the UAE

AML compliance is the process of ensuring that businesses and organizations comply with the Anti-Money Laundering (AML) regulations in the UAE. AML regulations are designed to prevent criminals from using the financial system to launder money.

All Financial Institutions and Designated Non-Financial Businesses and Professions (DNFBPs) in the UAE are required to comply with AML regulations. DNFBPs include, but are not limited to, the following:

· Real Estate Agents

· Dealers in Precious Metals and Stones

· Lawyers, notaries, and other legal professionals

· Trust and company service providers

· Casinos and other gambling establishments

· Auditors and accountants

· Exchange houses and money remitters

The key AML regulations in the UAE are:

· Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations (AML/CFT Law)

· Cabinet Decision No. (10) of 2019, the implementing regulation of the AML/CFT Law

· The Central Bank of the UAE's AML/CFT Guidance Notes

The penalties for non-compliance with AML regulations in the UAE are severe. Individuals and entities found guilty of violating the law can be fined up to AED 5,000,000 or imprisoned for up to 10 years, or both, and suspension or termination of business operations.

CDD is the process of verifying the identity of customers and understanding their source of funds. CDD is a key AML compliance measure that helps to identify and prevent money laundering.

An STR is a report that is filed with the Financial Intelligence Unit (FIU) when a business or organization suspects that a transaction is related to money laundering. STRs are a key tool in the fight against money laundering.

A PEP is a person who is or has been entrusted with prominent public functions. PEPs are at a higher risk of being involved in money laundering, and therefore special due diligence measures are required for them.

There are many benefits to AML compliance, including:

· Reducing the risk of fines and penalties

· Protecting the reputation of the business

· Mitigating the risk of financial crime

· Ensuring compliance with the law

· Building trust with customers and partners

The first step is to understand your AML obligations. You can do this by reviewing the AML regulations in the UAE. Once you understand your obligations, you can develop an AML compliance program that is tailored to your business.

There are many resources available to help you with AML compliance in the UAE. These include:

· The Central Bank of the UAE's AML/CFT Guidance Notes

· The Financial Intelligence Unit's website

· Industry associations

· AML compliance consultants

Businessman refusing money that comes with agreement paper, Anti bribery, businessman taking bribes

AML Compliance in the UAE

Call us for assistance: +971 509 265 140

Call us for assistance:
+971 509 265 140

At LFL, we are trained and experienced in providing timely assistance and facilities to help you get your trade license and business setup in Dubai.

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