The UAE Ministry of Economy – Anti Money Laundering Department has announced ML/FT Risk Assessment Data Collection Process for Designated Non-Financial Businesses and Professions (DNFBPs). This directive applies to Real Estate Agents and Brokers, Dealers in Precious Metals and Stones (jewelry/bullion traders), Corporate Service Providers (CSPs), Audit & Accounting Firms, and Legal Consultants operating in the UAE. The updated process aligns with Clause (1) of Article (13) of the Federal Decree Law No. 20 of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) and Clause (1) of Article (44) of the Cabinet Decision No. 10 of 2019 regarding its executive regulations.
The submission deadline for this mandatory compliance is December 16, 2024.
Why Is This Update Important?
This new process aims to strengthen the UAE’s commitment to combating money laundering (ML) and terrorist financing (TF). It requires DNFBPs to submit accurate data reflecting their ML/FT risk assessments and ensure compliance with national and international AML/CFT standards. Please note that nonparticipation or providing wrong information can expose you to legal accountability or financial fines or administrative penalties. Businesses in the DNFBP category are urged to act promptly to meet the submission deadline.
How AdilZone Can Help
At AdilZone, we specialize in AML compliance services and offer tailored solutions to help your business navigate this critical process efficiently. Our AML and compliance experts provide:
- Risk Assessment Support: We conduct ML/FT risk assessments specific to your industry.
- Documentation Assistance: We help compile and submit all necessary documentation.
- Timely Submission: Our team ensures your submission is accurate and on time, keeping you fully compliant.
Additional Services We Provide
AdilZone also offers:
- Comprehensive AML training tailored to your business needs.
- Independent AML audits to evaluate your compliance readiness.
- AML Software with automated risk assessment.
- Support in setting up in-house AML compliance departments.
- Guidance on managing and submitting the ML/FT Risk Assessment Questionnaire.
Act Now to Stay Compliant
With the December 16 deadline approaching fast, there’s no time to waste. AdilZone’s team of experts is ready to guide you through the process and ensure your business remains compliant with MOE AML/CFT regulations.
Contact us today to schedule a consultation and take the first step towards seamless compliance.