Money laundering is an issue for the UAE, apart from the means the nation has taken to battle monetary, coordinated, & terrorist criminalities. The UAE keeps a solidÂ Anti-Money LaunderingÂ (AML) framework with an end goal to secure against the chance of money laundering & terrorist financing. The UAE has endorsed two laws that fill in as the establishment for the country’s Anti Money Laundering (AML) & counter-terrorist financing (CTF) endeavors. Even though the AML law criminalizes money laundering, it is authoritative Regulation No. 24/2000 that gives rules to how monetary establishments are to screen for money laundering activity. This regulation entails finance companies, cash trade houses, & some other monetary foundations working in the UAE to follow exacting KYC (Know Your Customer) rules. Furthermore, monetary organizations should check the client’s personality and keep up transaction subtleties.
Later, in the context of FATF (Financial Action Task Force) evaluation UAE published the new Federal Decree-Law No. 20 of 2018 on Anti-Money Laundering & Combatting the Financing of Terrorism & Illegal Organizations (the â€œAML Lawâ€) in October 2018. The new AML Law has presented various ideas which are pointed toward building up the adequacy of the UAE government in distinguishing & ending financial crimes & terror financing.
Certain common prominent punishments set down for contradiction of the provisions of the AML Law are as per the following:
If you need any help in understanding the anti-money laundering laws & penalties for your smooth running of the business, you are most welcome to ARC Associates, the best business advisory & consulting services in UAE. As we have our anti-money laundering team to ensure whether your business is relevant to all newÂ AML regulationsÂ or if not we will take the necessary steps to clear those disparities and to confirm that you are running your business by following all the laws of the UAE. Apart from this, we provide all other business services and especially when it comes to auditing services we become the topÂ auditing companies in Dubai, Abu Dhabi, Sharjah, & UAE that offers clients a solid inclusive financial strategy. So get the integrity you deserve in your business with ARC Associates, we are here to help you at any time!