Video on Key Components of Customer Due Diligence Home Video on Key Components of Customer Due Diligence When it comes to AML CFT, customer due diligence is a crucial element. Customer due diligence is a process of identifying the customers, verifying their identity, and evaluating the potential risk a customer may pose to the business before establishing a business relationship and onboarding such a customer. CDD process aims to determine whether the business is vulnerable to financial crime risks when dealing with a person and what controls must be deployed to mitigate such risks ..read more

Home AML Compliance for Online Jewellery Marketplace Precious metals and stones and jewellery made from such precious metals/stones are prone to high risk of money laundering, irrespective of the channel through which commercial transactions take place. Thus, anti-money laundering (AML) compliance is equally essential for online jewellery marketplaces to safeguard the penetration of the launderers in the virtual commercial platform. Before discussing AML compliance for the online jewellery marketplace, let us understand what an online marketplace is. Detect and deter money laundering ..read more

AML Compliance eBook For Real Estate Agents and Brokers Home AML Compliance eBook For Real Estate Agents and Brokers Navigating the Anti-Money Laundering (AML) compliance journey as a Real Estate Agent in the UAE is imperative due to the sector’s vulnerability to illicit financial activities. Real estate transactions are exposed to money laundering risks throughout all stages, including placement, layering, and integration of illicit funds. Therefore, to safeguard the real estate industry, the UAE AML regulations recognise real estate agents and brokers as “Designated Non-Financial Bus ..read more

Corporate Service Provider AML Compliance eBook Home Corporate Service Provider AML Compliance eBook UAE AML laws classify corporate services providers as one of the “Designated Non-Financial Businesses and Professions” entrusted with the responsibilities of conducting necessary activities to mitigate money laundering and terrorist financing. To help CSPs, we have come up with an exclusive eBook that will act as their personal guide throughout the AML compliance journey. Here, you’ll know about the AML regulations in UAE that a CSP must comply with. Moreover, the eBook contains a detai ..read more

Home Top 5 methods Criminals use to Launder money Money Laundering has become a massive problem for governments as the issue is escalating daily. It hits the world economy badly as the vast amount of money is used to fund illegal activities and fund terrorism. As per a recent UN report, approximately $ 800 billion – USD 2 trillion is laundered every year, accounting for 2-5% of global GDP. Anti-money laundering laws, rules, and regulations are implemented to detect suspicious accounts and transactions and trace the source of the illegal money. Now the question arises: what are the product ..read more

Home Webinar on setting the right AML/CFT compliance framework How to draft and implement robust AML/CFT Policies and Procedures Uplift your AML compliance program with robust and effective AML/CFT policies, and procedures by UAE’s AML regulatory framework: Join Our Exclusive Webinar! Navigate the peculiarities of what AML/CFT policies and procedures should cover to manage your financial crime risk while achieving regulatory compliance in our upcoming webinar featuring AML Compliance Risk Management Expert – CS Dipali Vora. Gain profound insights as she shares her expertise and experi ..read more

AML Compliance Guide for Law Firms in UAE Home AML Compliance Guide for Law Firms in UAE Legal practitioners,  including lawyers, notaries, and legal service providers, face vulnerabilities relating to financial crimes, such as money laundering and financing of terrorism. For that reason, the UAE has placed law firms and legal professionals under the AML regime. UAE’s AML laws mandate that law firms and professionals need to take responsibility for identifying and mitigating ML/FT risks. To help them ensure AML compliance, we have come up with our comprehensive guide that will act ..read more

UAE removed from the FATF Grey List Home UAE removed from the FATF Grey List On 23rd February 2024, UAE was removed from the FATF Grey List, a list also known as jurisdiction under increased monitoring list, which includes countries that are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing and proliferation financing. At the FATF plenary meeting held from 21st to 23rd February 2024, UAE was confirmed to have successfully shown that it had met the action points and consequently been removed from the grey ..read more

Home Mistakes to avoid during goAML registration Every regulated entity – a Financial Institution, Designated Non-Financial Business and Profession (DNFBP) and a Virtual Asset Service Provider (VASP) is required to access the Financial Intelligence Unit’s (FIU) goAML Portal for submitting various AML reports. This calls for mandatory registration on the goAML Portal. The goAML registration involves a 2-stages, but it is a simple and straightforward process. So, you must ensure that you do not commit the usual blunders. This blog lists these typical errors you must avoid while registering ..read more

Home A Guide to Avoiding Common Mistakes in AML Compliance for VASPs With the rise of instances of money laundering in the virtual assets ecosystem, the UAE government introduced anti-money laundering regulations to supervise and safeguard this sector. Virtual asset service providers (VASPs) operating in the UAE must know these rules. You must create a customised AML framework aligning with these rules and regulations, in sync with the nature and size of the virtual asset activities. While implementing them, be careful of the common mistakes to avoid in AML compliance for VASPs for effec ..read more