Anti-money laundering legislation includes laws, regulations, and processes aimed at preventing the concealment of illegally obtained cash through market manipulation, illegal goods dealing, corruption, tax evasion, terrorism, and other means. The goal of anti-money laundering (AML) is to identify and prevent the laundering of illegally obtained funds.
Anti-money laundering (AML) and counter-terrorist financing (CFT) are now worldwide issues. To avoid legal ramifications, all persons and businesses in Dubai, UAE must follow the rules and regulations.
We have a team of professionals with over three decades of combined experience in the field of AML and CFT who can help your company comply with the newest requirements:
Gap analysis compares the policies and processes in existence with the policies and procedures required by the organisation. It aids organisations in determining “where we are” and “where we want to be.” The following are some of the broad areas that will be examined during the gap analysis of the AML framework:
Policy and Procedures for Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) outline the guiding policies for effective prevention and control. It covers processes for detecting and reporting acts that could be linked to money laundering or terrorist financing. Money laundering, as well as any conduct that aids money laundering, terrorist financing, or criminal behaviour, is prohibited and rigorously prevented.
Evaluation of the effectiveness of the AML Risk Solution integrated into the IT system, as well as any gaps that may exist, to ensure that the system covers the following aspects.
Check the expanded due diligence process for High-Risk Clients.
Site visits will be undertaken according to the nature of the licensee’s business.
Check the KYC and screening techniques to make sure they’re working.
AML Training – Staff and Senior management including Owners / Board of Directors
Topics covered in the course will include local regulatory standards, international standards, and industry best practises. The following is a partial list of the subjects that will be discussed:
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