Are you Subject to the UAE
Anti-Money Laundering Regulations?
SCOPE
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The UAE Anti Money Laundry Regulations apply on regulated sectors referred to as Designated non-Financial Businesses and Professions (“DNFBPs”) and include:
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Real Estate Brokers and Agents
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Dealers in of Precious Metals and Stones
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Independent Accountants (Auditors), and lawyers, notaries, and other independent legal professionals
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Company Services Providers
Do I Fall Under the DNFBPs Scope?
The following will help you in identifying if you or your business fall under the scope of the DNFBPs:
Real Estate Brokers and Agents
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Brokers and real estate agents when they conclude operations for the benefit of their customers with respect to the purchase and sale of real estate.
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Dealers in of Precious Metals
and Stones
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Those involved in the production of precious metals or precious stones; an intermediate buyer or broker; precious stone cutter and polisher; precious metal refiner; and/or a jewelry manufacturer. These include gold, silver, platinum, diamonds and others.
Further, dealers in precious metals and precious stones in carrying out any single transaction or several transactions that appear to be interrelated or equal to more than AED 55,000.
Independent Accountants (Auditors)
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Lawyers, notaries, and other independent legal professionals and independent accountants, when preparing, conducting, or executing financial transactions for their customers.
Company Services Providers
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Providers of corporate services and trusts upon performing or executing a transaction on the behalf of their customers.
Do you still have questions on the Scope of the UAE Anti-Money Laundry, shoot us a text or WhatsApp message on:
2. Performing Due Diligence Measures
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3. Reporting Suspicious Transactions
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4. Registration in the Automatic Reporting System for Sanction Lists
Designated non-Financial Businesses and Professions
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5. Identify and Report Suspicious Transactions
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6. Maintain Adequate Records of all the Previous Points
We have identified now if you are within or not within the scope of the UAE Anti Money Laundry Regulations. Now comes compliance; and the following is required from you:
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1. Appointing a Compliance Officer
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Here is a template of a letter appointing you Compliance Officer:
Feel free to message me on LinkedIn for any specific questions the UAE goAML Regulations
PENALTIES
The UAE Anti Money Laundry regulations impose various penalties for the different non-compliance acts. The best way to shed light on the penalties is to attach an extract of the penalties’ articles here:
Take a note of the severity of the penalties; they are avoidable and so follow and implement the compliance requirements to avoid unnecessary costs and business interruption.
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