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Anti Money Laundering

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Anti-Money Laundering In Dubai, UAE

Money laundering in Dubai is an illegal process that generates large sums of money through criminal activities such as terrorist financing or drug trafficking. It is a serious financial crime in the UAE, seriously damaging the growth rate of businesses and tax revenues. It is easy to see that the fight against money laundering in Dubai is damaging the reputation that a company has earned for years.

The United Arab Emirates is at the heart of international trade and commerce. The Emirati government is therefore continuously improving financial regulations and implementing them effectively to combat the risks associated with anti-money laundering in the Dubai region. These money launderers go through these three stages to clean their black money:

Deployment:

Transferring the dirty money to a legitimate financial institution. In simple words, the black money is funneled into legitimate companies and financial systems.

Layering:

A series of transactions and accounting tricks are used to hide the source of the funds. At this stage, a complex web of transactions is set up to hide the original owner and source of the funds.

Integration:

Criminals withdraw the laundered money from the legitimate account to use it. At this stage, the dirty money is mixed and integrated into the legitimate economy. This is done in a very deft way to ensure a proper explanation of the origin of the funds and where the money comes from. This is usually done by investing in real estate, precious metals such as gold or, nowadays, cryptocurrencies.

Recent developments in anti-money laundering laws in the UAE

Anti-money laundering in the UAE is a risk for the planet as it turns billions of black money into white. That is why anti-money laundering laws have been developed in the UAE to make it harder to hide and avoid money corruption. Anti-money laundering laws in the UAE are essential protection for businesses. Financial institutions in the region have a crucial role to play in getting out of this pool of dirty money. As the UAE Central Bank has made very clear, it is targeting money laundering and money laundering:

“A critical role of the UAE Central Bank is to ensure that all licensed financial institutions have a deep understanding of their role in mitigating and preventing the risk of illicit activities in the UAE financial system”.

In addition, there are also recent guidelines for licensed financial institutions that require companies to report directly to the UAE Financial Intelligence Unit and to complete a “suspicious activity report” on any suspicious activity within the company.

Penalties for money laundering and financial terrorism

The UAE strengthened its legal authorities in the fight against terrorist financing and money laundering in the UAE by circumventing harsh penalties. A person or group caught in a money laundering case must endure fifteen years in prison, suspension of their license, and a fine equal to the amount of the dirty money. UAE authorities have put in place smart systems to detect fake or multi-layered accounts hiding illicit assets. In addition, the perpetrators have to pay hefty fines of UAED 50 million for condoning this illegal activity. Get more information about Anti Money Laundering Laws and Penalties.

Natural and legal persons must register with the AML system

Companies subject to money laundering rules must be supervised by a supervisory authority. Companies fall into four categories that must register with the AML. The following guide will help you decide whether you need to register.

Real estate agents and brokers

Real estate agents are required to have anti-money laundering registration when brokering immediate residences, selling or buying commercial land, and renting out any property in order to gain the trust of their clients.

Dealers in gold and other precious metals

All dealers in precious metals are subject to anti-money laundering registration, after which our advisers report any suspicious transaction or series of related transactions through a Suspicious Transaction Report (STR).

Accountants and auditors

Ensure that all financial transactions and accounting records of companies are carried out legally. This AML good faith reporting protects companies from any financial crime.

Corporate service providers and trust funds

Registration in the UAE is mandatory for corporate service providers and trust funds that conduct business for clients.

Anti-money laundering registration in the UAE

In the UAE, all organizations regulated by the Central Bank or other financial institutions are required to register with goAML (the anti-money laundering system), which strategically monitors financial crime. To register with goAML, the following documents are required;

  • A valid and active e-mail address of the nominee.
  • An active mobile phone number (UAE or international acceptable).
  • All supporting documents for the organization and the nominee are provided in a consolidated PDF file.
  • Letter of authority from the institution
  • Nominee details to be provided as administrator and user of the system
  • A valid copy of passport
  • Copy of a valid permanent residence visa
  • Valid Emirates ID
  • Valid business license

BestaxCA plays a key role in AML compliance in Dubai

Bestax Chartered Accountants always take satisfaction in improving your business’s compliance in Dubai to ensure that you do not get into trouble. Our AML professionals monitor client transactions and report suspicious financial activities, complying with all relevant anti-money laundering rules and regulations. We will analyze your company’s existing AML system in depth and make recommendations to facilitate the AML compliance process.

How do Bestax Chartered Accountants fight AML?

Bestax Chartered Accountants fully understand the implications of money laundering in the UAE market. Therefore, it provides quality AML compliance services in compliance with Dubai, Sharjah, and UAE regulations. There are some proven tactics that BestaxCA uses to combat money laundering:

Data analytics and transaction monitoring

Our AML specialists detect potential risks related to geographic locations and extract valuable information from them. We also closely monitor client transactions and accounts for any questionable activity that could be indicative of money laundering. This will help them detect money launderers, even if they use multiple PINs or connections for financial terrorism purposes.

Regular communication with each other

We always believe in an open relationship with our clients to keep each other informed about the application of anti-money laundering legislation in Dubai. Bestaxca provides daily reporting through a standardized system and arranges regular meetings to meet your business objective.

Customer Due Diligence (CDD)

Bestaxca duly complies with CDD measures put in place to ensure the nature of business and verify the legitimate identity of customers. Clients suspected of money laundering are subject to enhanced due diligence measures (EDD) by a team of AML professionals, financial analysts, and compliance experts.

Structured AML training

Bestax Chartered Accountants not only provide advice on AML compliance but also enhance your managers’ and employees’ knowledge of anti-money laundering laws and regulations, Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD), Know Your Customer (KYC), and their verification. This tailored training to your industry helps you stay on the safe side and protect your business from any penalties.

Bestax Chartered Accountants pride themselves on providing the best financial advisory and compliance services to their clients. You can contact us using the details below, or register for a completely free call by scrolling up and filling in the form.

The goAML portal is an online platform that helps businesses to comply with their AML/CFT obligations. The portal provides a range of online services, including registration, filing of Suspicious Transaction Reports (STRs), and submitting Customer Due Diligence (CDD) information.

The following documents are required for goAML registration;

  • Valid and active email address for the Nominated Person.
  • An active mobile number (UAE or international number is accepted) for the Nominated Person.
  • All supporting documentation for the organization and the nominated person is prepared in a consolidated PDF file.
  • Authorization letter from the institution.
  • Information of the nominated person should be provided as Admin and user in the system.
  • Valid Passport Copy.
  • Valid Residency VISA Copy.
  • Valid Emirates ID.
  • Valid commercial trade license.

A: Our AML specialists uncover potential risks regarding geographical locations and extract valuable insights from them. Also, we closely monitor customers’ transactions and accounts for any doubtful activity that could indicate money laundering. This will help them to trigger money launderers, even if they are using multiple PINs or connections for financial terrorism.

A: Our AML training is customized according to your industry and helps you to remain on the safe side and save your business from any penalty. We recommend that you train your employees on AML compliance at least once a year.

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