The document discusses AML/CFT compliance services in the UAE. It notes that governments are increasing scrutiny of AML/CFT processes to fight financial crimes. Firms must comply with minimum standards or face penalties. In 2020, the UAE formed an Executive Office of Anti-Money Laundering to follow international requirements. HLB HAMT provides AML/CFT compliance assessments and advisory services to help organizations develop, implement, and enhance their compliance regimes across multiple sectors. Key services include AML compliance advisory to help financial institutions and designated non-financial businesses comply with changing regulations.

1. AML/CFT Compliance Services in UAE
Governments across the globe have been taking measures to increase the
scrutiny of AML/CFT processes and controls, to fight Financial crimes.
Individuals and firms are required to comply with minimum standards; failure
to keep up with the changing requirements can lead to penalties and legal
consequences.
In December 2020, the UAE Cabinet adopted the formation of the Executive
Office of the Anti-Money Laundering and Countering the Financing of
Terrorism with an aim to follow the international requirements in this sector.
HLB HAMT works as a consultant to conduct independent assessments of
Anti-money Laundering, Combating the Financing of Terrorism & Sanctions
Compliance Frameworks across multiple sectors. Our team of experts can
help you in developing, implementing, and enhancing your compliance
regime for not only for Exchange Houses, Banking, and Insurance sectors but
also for other Designated Non-Financial Businesses and Professions.
Services:
Anti-Money Laundering Compliance Advisory
With the continuous changes in the regulatory framework and more
stringent AML Rules and regulations, it is becoming difficult for Financial
institutions and DNFPBs to implement new regulations and design a
complete compliance framework.

2. Frequently Asked Question – AML/ CFT Compliance Services
1. What are relevant Laws of UAE on AML and CFT?Law: Decree 20
of the Federal Law 2018 on countering money laundering
offences, combating terrorist financing and financing illegal
organizations.

3. Executive Resolution: Regulations 10 of 2019 for a decree of federal
law No. 20 of 2018 on countering money laundering crimes,
combating terrorist financing and financing illegal organizations
2. What is NAMLCFTC?The National Committee for Combating
Money Laundering and the Financing of Terrorism and Illegal
Organisations (NAMLCFTC) oversees the national risk assessment
process. The UAE identifies and assesses the money laundering
and terror financing risks it faces, in line with its obligations under
the Financial Action Task Force Standards.
3. What are the Anti Money Laundering (AML) and Countering
Financing of Terrorism (CFT) compliances required in the
UAE?The AML law mandates the formation of an independent
Financial Intelligence Unit (the UAE FIU) within the Central Bank
(CBUAE). The purpose of the unit is to obtain Suspicious
Transaction Reports (STRs) and related details from all Financial
Institutions (FIs) and Designated Non-Financial Businesses and
Professions (DNFBPs).
The AML-CFT Law states that FIs should “identify crime risks
within (their) scope of work” and they also have the responsibility
to update their risk assessments with regards to the different risk
factors. While recognizing, assessing, and understanding the risks
of the FIs, their business nature and size must be considered.
In the case of high-risk identification, enhanced due diligence will
have to be conducted and cases wherein low-risk identification is
identified, simplified due diligence will do.
4. What sectors are governed by the UAE Central Bank’s AML / CFT
regulations?The below-given sectors/ individuals need to comply
with the AML/ CFT regulations;
■ Banks, finance companies, exchange houses, money service
businesses (including hawaladar or other monetary value
transfer services)
■ Insurance companies, agencies, and brokers
■ Securities and commodities brokers, dealers, advisors,
investment managers
■ Other financial institutions (FIs)

4. 5. What are the main elements of the UAE’s AML / CFT
regulations?All the requirements of the Financial Action Task
Force (FATF) recommendations of 2012 and its methodology of
2013 are included in the AML Law and AML By-law.
The minimum statutory obligations of supervised institutions are;
■ To recognize, evaluate ad understand risks
■ Carry out required due diligence work
■ To appoint a compliance officer to fulfill the needs of the
relevant Supervisory Authority
■ To ensure that the required management and information
systems, internal controls, policies and procedures to
mitigate risks are in place
■ To ensure that the indicators to recognize suspicious
transactions are in place
■ To maintain adequate records
6. How does an organization ensure that it is compliant with the
UAE’s AML and CFT regulatory requirements?Financial
Institutions are required to “maintain a risk identification and
assessment analysis with its supporting data.” They can make use
of diverse models or methodologies to analyze risk, based on the
nature and size of their businesses.
The best option would be to contact a consultancy to ensure you
are compliant with the AML/ CFT regulations. HLB HAMT works as
a consultant to conduct independent assessments of Anti-money
Laundering, Combating the Financing of Terrorism & Sanctions
Compliance Frameworks across multiple sectors.
7. What is Go AML System?The go AML system was developed by
the United Nations On Drugs and Crime (UNODC) to combat
money laundering and terrorist financing.
Go AML is an integrated system used by financial information
units to receive, analyze and distribute suspicious transaction
reports quickly and effectively, and is currently used by a large
number of financial information units worldwide, and the UAE is
the first Gulf country to implement this modern system

5. Get Free Consultation
AML/CFT Compliance Services Dubai UAE | Anti-Money Laundering Compliance UAE
(hlbhamt.com)
Contact Us
HLB HAMT
Level 18, City Tower-2,
Sheikh Zayed Road
PO Box 32665
Dubai – United Arab Emirates.
Tel: +971 4 327 7775
E-mail: dubai@hlbhamt.com
www.hlbhamt.com