Anti Money Laundering (AML) Consulting Services

Anti-Money Laundering (AML) Consulting Services are specialized services that assist organizations in developing, implementing, and maintaining effective AML programs to combat money laundering and comply with relevant regulations. Let’s dive deep to know more about AML in UAE.

These services are often provided by firms with certified AML specialists, who possess expertise in independent testing and AML compliance.

A wide range of services is typically offered, including AML/Counter Financing of Terrorism (CFT) and sanctions training, customized to reflect a company’s primary needs.

Other offerings may include investigative services, solutions in response to AML sanctions, and financial crime compliance.

These consulting services also help improve monitoring, reduce false positives and enhance alert and case operations. Some firms even provide full-service AML consulting for various types of businesses including financial institutions and brokerages.

Innovative AML consultancy firms like AML Partners LLC are recognized for their contributions to the field. They offer solutions that optimize the financial crime compliance process and meet business objectives.

Trusted Anti-Money Laundering (AML) consulting services in the United Arab Emirates (UAE) are crucial to preventing and combating money laundering activities.

These services provide businesses with the necessary tools and guidance to comply with stringent AML regulations, which have been implemented by the UAE government and international regulatory bodies.

AML consulting firms in the UAE, such as Deloitte, Protiviti, and PwC, offer comprehensive AML services that help organizations understand and manage their risk exposure.

These services typically include risk assessments. AML program development transaction monitoring and regulatory reporting.

These firms also provide training programs to educate employees about the latest AML trends and tactics used by money launderers. This helps raise awareness and promotes a culture of compliance within the organization.

In addition, AML consulting services in the UAE leverage advanced technology and analytics to detect suspicious transactions reducing the likelihood of false positives and improving the efficiency of AML processes.

By engaging a trusted AML consulting firm businesses in the UAE can ensure they are doing their part to prevent money laundering. while also protecting their operations from potential legal and financial repercussions.

Cabinet Decisions Related to CFT/AML in UAE:

The United Arab Emirates (UAE) has adopted a robust legal framework to combat money laundering and the financing of terrorism (AML/CFT). A key component of this framework is Cabinet Decision No. (10) of 2019 which concerns the Executive Regulations of Federal Decree Law No. (20) of 2018.

This decision outlines the obligations of financial institutions and non-financial businesses and professions and describes the measures these entities must take to manage AML/CFT risks including those related to their operations abroad.

Another significant Cabinet decision is No. (58) of 2020, which introduced minimum obligations for registrars and legal persons in the UAE to enhance the transparency of entities. Know more about the Economic Substance Regulations in Dubai | ESR Filing UAE.

UAE Cabinet Decision No. 16 of 2021 has established a Unified List of Administrative Fines to Combat Money Laundering & Terrorism Financing. Know all about AML in UAE.

In September 2021, the UAE Cabinet declared Resolution No 83 designating 38 individuals and 15 entities on its approved list of persons and organizations. These decisions underscore the UAE’s commitment to prevent and combat money laundering and terrorist financing.

  • Federal Decree-law No. (20) of 2018 on AML And CFT and Financing Of Banned/ Illegal organizations.
  • Cabinet Decision No. (10) of 2019 related to implementing regulation of the above mentioned legislation On AML and CFT and Financing of Banned/ Illegal organizations.
  • Cabinet Decision No. (58) of 2020 related to regulating the Beneficiary Owner Procedure.
  • Cabinet Decision No. (74) of 2020 related to Terrorism Lists Regulation and Implementation of UN Security Council Resolutions regarding Preventing and Combating Financing of Terrorists & Proliferation of Weapons of Mass Destruction and other Related Resolutions.

Categorization of Sectors Falling Under DNFBPs to Ensure Compliance with Anti Money Laundering in UAE:

DNFBPs have further been divided into the following four sectors to ensure compliance with the laws and regulations in relation to anti-money laundering in the UAE:

  • Independent accountants and auditors;
  • Real estate agents and brokers;
  • Dealers of precious metals and stones
  • Corporate service providers

The Requirement of Anti-Money Laundering and Combating Financing Terrorism Legislation:

This legislation requires a Financial Institution/ DNFBP to do the following:

  • Appoint a Compliance Officer;
  • Perform Due Diligence Measures;
  • Reporting Suspicious Transactions;
  • Register in the goAML System; and
  • Registration in the automatic reporting system for sanction lists.

Definition of goAML System:

The goAML system is a comprehensive software solution developed by the United Nations Office on Drugs and Crime (UNODC) to assist Financial Intelligence Units (FIUs) in combating money laundering and terrorist financing.

The system is designed to collect, analyze and disseminate financial information and intelligence on suspicious transactions to law enforcement agencies.

goAML has several key features that make it a powerful tool for AML/CFT efforts. It allows for the receipt and processing of large volumes of reports from financial and non-financial institutions including Suspicious Transaction Reports (STRs), Currency Transaction Reports (CTRs), and Electronic Funds Transfer Reports (EFTRs).

Furthermore, goAML boasts advanced analytical capabilities, such as link analysis and predictive modeling, which allow FIUs to identify patterns trends and networks in financial data. This helps them to detect potential illicit activity and develop actionable intelligence.

The system also facilitates secure communication between FIUs and reporting entities, ensuring the confidentiality of sensitive financial information.

Now goAML is used by numerous FIUs worldwide, making it an integral part of global efforts to combat money laundering and terrorist financing.

Advantages of goAML System:

The advantages of using goAML system are as follows:

  • Fast sending STRs.
  • Receive information requests from the FIU in a more rapid and efficient manner.
  • Send STRs in a more secure way; and

Reduces the cost incurred on sending STRs.