Anti-money laundering law comprises the laws, regulations, and procedures to curb the disguising of illegally obtained funds through market manipulation, trading of illegal goods, corruption, tax evasion, terrorism, etc. AML is targeting to identify and prevent the methods to launder the illegally obtained funds.
Anti-money laundering and counter-financing of terrorism (CFT) are now global concerns. And all individuals and firms in the UAE shall adhere to the rules and regulations to avoid legal consequences.
We, Emirates Chartered Accountants Group, comprising a team of professionals with experiences over 3 decades together in the field of AML and CFT can assist your entity to align with the latest requirements:
AML/CFT Compliance Services
Emirates Chartered Accountants Group - AML/CFT Compliance and Certification Services Dubai, UAE.
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Pradeep Sai | Partner
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Gap analysis involves a comparison of existing policies and procedures in place with the organizations with the required policies and procedures. It helps the organizations to identify “where we are” and “ where we want to be”. The broad areas which will be covered during the gap assessment of the AML framework include the following:
AML/CFT Policy and Procedures define the guiding policies for adequate prevention and control. It includes procedures for the detection and reporting of activities possibly linked to money laundering or the financing of terrorist activities. It is the policy to prohibit and actively prevent money laundering and any activity that facilitates money laundering or the funding of terrorists or criminal activity.
|Stages of Money Laundering||Suspicious Transactions||Record Keeping|
|Applicable Laws & Regulations||Red Flag Indicators||Exit Policy & Procedure|
|Risk Assessment||Transaction Monitoring for Suspicious Activity||Independent Internal Audit & AML Audit Report|
|Customer On-Boarding Process||Suspicious Activity Report||Tipping Off|
|Know Your Customer – KYC||Third-Party Transactions||No Retaliation Policy|
|Customer Identification Process (CDD) / Simplified Due Diligence (SDD) - Natural Person||Case Management, Escalation Process, and Exception Handling||Money Laundering and Terrorism Financing Penalties Under Uae Federal Laws|
Assessment on the effectiveness of AML Risk Solution built into the IT system and to identify gaps if any to ensure the system covers the following aspects.
The awareness programme will cover topics on the local regulatory standards, International standards & Industry best practices. A non-exhaustive list of topics that will be covered are mentioned below: