Professional. Transparent. Diligent.

Navigating the complexities of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT)

As a leading tax advisory firm in the UAE, we offer comprehensive AML/CFT compliance services, ensuring your business operates within the legal framework and protects itself from potential risks adhereing to these regulations in the UAE is crucial for the success and sustainability of your business.

Professional. Transparent. Diligent.

Why is AML/CFT Compliance Paramount in the UAE?

The UAE has positioned itself as a global financial hub, attracting significant investment and international business. This prominence necessitates robust AML/CFT measures to maintain the integrity of the financial system and combat illicit activities. Non-compliance can lead to severe consequences, including…

Significant Financial Penalties:

Regulatory bodies like the Ministry of Economy (MOE), Central Bank of the UAE (CBUAE), and Financial Intelligence Unit (FIU) impose substantial fines for non-compliance.

AML/CFT breaches can severely damage your business’s reputation, eroding trust among clients, partners, and investors.

In serious cases, non-compliance can result in legal action and criminal prosecution for individuals and businesses involved.

Regulatory investigations and enforcement actions can disrupt business operations, leading to significant financial losses.

Non-compliant businesses may face restrictions on accessing banking and financial services, hindering their ability to operate effectively.

Non compliant businesses will face increased scrutiny from all regulators.

Professional. Transparent. Diligent.

The UAE’s commitment to AML/CFT is evident in its stringent regulatory framework

Which includes:

  • Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Countering the Financing of Terrorism:
    This law establishes the legal framework for AML/CFT in the UAE.
  • Executive Regulations:
    Detailed regulations outlining specific requirements for various sectors.
  • National Risk Assessment:
    Regular assessments to identify and mitigate AML/CFT risks.
  • Targeted Financial Sanctions:
    Implementation of sanctions against designated individuals and entities.
  • GoAML platform:
    The UAE FIU’s reporting platform.
PARTNERING WITH TAXWISE

Taxwise guides companies and business owners through the mandatory registration processes and provides consultancy and advice to create strong Anti-Money Laundering and CFT policies.

Our AML/CFT Compliance Services Include:

  • Risk Assessment and Gap Analysis:
    Identifying and evaluating your business’s AML/CFT risks.
  • Development of AML/CFT Policies and Procedures:
    Creating tailored policies and procedures aligned with UAE regulations.
  • Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD):
    Implementing robust CDD and EDD processes to verify customer identities and assess risks.
  • Transaction Monitoring and Reporting:
    Monitoring transactions for suspicious activities and filing Suspicious Transaction Reports (STRs) with the FIU through the GoAML system.
  • AML/CFT Training:
    Providing comprehensive training to your staff to enhance their awareness and understanding of AML/CFT requirements.
  • Compliance Audits and Reviews:
    Conducting independent audits and reviews to assess the effectiveness of your AML/CFT program.
  • GoAML registration and assistance:
    Assisting with the registration and ongoing use of the GoAML reporting system.
  • Ongoing Compliance Support:
    Providing continuous support and guidance to ensure ongoing compliance with evolving regulations.

Our service includes preparing necessary documents, such as customer identification, financial records to ensure compliance with the regulations.

No Obligation, Free
45-min initial consultation.

No Obligation,
Free 45-min initial consultation.

Book in with one of our British trained account managers to discuss your company’s needs.

What we do and
how we can help.

What we do
and how
we can help.

Read through our list of services here and understand what makes taxwise different! We specialise in Bookkeeping and Accounting in Dubai UAE.