Comprehensive AML/CFT Services for DNFBPs in the UAE

CAMC offers a wide range of AML/CFT services tailored to the unique needs of DNFBPs operating in various industries.

AML Policy, Procedures & Controls Documentation

Develop and implement robust AML/CFT policies, procedures, and internal controls to ensure your organization’s compliance with regulatory requirements.

AML Training Programs for Businesses in UAE

Equip your staff with the necessary knowledge and skills to effectively manage AML/CFT risks through our comprehensive training programs.

AML Risk Assessment Report

Assess and identify potential risks associated with money laundering and terrorist financing in your organization with our expert AML risk assessment services

AML/CFT Regulatory Reporting

Ensure timely and accurate reporting of your organization’s AML/CFT activities to the relevant regulatory authorities with our assistance.

Annual Risk Assessment

Regularly review and update your organization’s AML/CFT risk profile with our annual risk assessment services, ensuring ongoing compliance and risk mitigation.

KYC, EDD Customer Due Diligence

Implement strong customer due diligence processes, including Know Your Customer (KYC) and Enhanced Due Diligence (EDD) procedures, to minimize the risks of money laundering in accordance with UAE rules, and successful in limiting the dangers of money laundering and terrorism funding.

Sanctions Screening & Verification Services

Ensure compliance with global sanctions lists through our comprehensive screening and verification services tailored to your business needs.

AML Audit Services

Identify potential gaps in your anti-money laundering protocols with our thorough AML audit services, ensuring regulatory compliance and risk mitigation

PEP Verification

Protect your business with enhanced due diligence through our Politically Exposed Persons (PEP) verification services, reducing the risk of financial crime.

Compliance Department Set-Up in UAE

Establish a fully compliant in-house compliance department in the UAE, tailored to meet local regulations and international standards.

Frequently Asked Questions

Explore answers to common questions about our anti-money laundering services and how we can assist your business.

What are the most common AML violations that businesses commit?

The most common AML violations that businesses commit include failure to conduct proper due diligence on customers and transactions, failure to report suspicious activities to the relevant authorities, and failure to maintain accurate records. Other common violations include inadequate AML training and awareness programs and insufficient internal controls to prevent money laundering activities.

Who needs AML services in the UAE?

In the UAE, AML (Anti-Money Laundering) services are crucial for a wide range of businesses and industries that are at risk of financial crime. These include:

Banks and Financial Institutions: They are the primary entities required to comply with AML regulations to prevent illicit activities like money laundering and terrorism financing.
Real Estate Brokers and Developers: Since real estate transactions often involve large sums of money, these professionals must ensure compliance with AML regulations to avoid being a conduit for illegal activities.
Precious Metals and Jewelry Dealers: High-value goods like gold and jewelry can easily be exploited for money laundering, making AML compliance critical in this industry.
Law Firms and Accountants: These professionals handle significant financial transactions and must adhere to AML laws to avoid facilitating illegal activities.

All Designated Non-Financial Businesses and Professions (DNFBPs) operating in the UAE, including consultants, trust companies, and insurance providers, are also obligated to comply with AML laws to protect their businesses from financial crimes.

What are the consequences of non-compilance with AML regulations in UAE?

Failing to comply with AML regulations in the UAE can have severe consequences, including:

Heavy Fines: Non-compliant businesses may face substantial fines, ranging from AED 50,000 to AED 5 million, depending on the severity of the violations.
Criminal Prosecution: In severe cases, individuals and businesses involved in non-compliance may face criminal charges, leading to imprisonment.
License Suspension or Revocation: Regulatory bodies can suspend or revoke the business licenses of companies that fail to implement proper AML protocols, preventing them from operating.
Reputational Damage: A business’s reputation may suffer irreparable harm if it is found guilty of AML violations, making it difficult to regain trust from customers and stakeholders.
Regulatory Scrutiny: Non-compliance may trigger increased monitoring and regulatory scrutiny, resulting in ongoing investigations, audits, and additional operational costs.

How do you tailor your services to my business needs?

At CAMC, we tailor AML compliance services to meet the specific needs of your business by conducting a thorough risk assessment to identify your vulnerabilities. We offer:

Customized AML Policy Development: We draft AML policies that are aligned with the unique operational risks of your industry, whether you’re in real estate, law, or precious metals trading.
Ongoing Training and Awareness Programs: We provide tailored AML training sessions for your employees to ensure they understand the regulations and their responsibilities in preventing financial crimes.
Compliance Monitoring and Reporting: We implement custom monitoring systems that track suspicious activities specific to your industry, ensuring that you remain compliant with local UAE laws and international best practices.
Risk-Based KYC Solutions: Our services include Know Your Customer (KYC) protocols that are adapted to your client base, ensuring effective due diligence and enhanced customer verification.

Take the First Step Towards AML/CFT Compliance Today

Don’t leave your business exposed to the risks of money laundering and terrorist financing. Get in touch with our expert team at Chartered AML Consultants for a consultation and discover how we can help you achieve AML/CFT compliance with confidence.