Anti-Money Laundering (AML) Services

Stay Compliant. Protect Your Business. Prevent Financial Crimes.

Money laundering is a global concern that can severely damage a company’s reputation and lead to serious legal consequences. In the UAE, the government has implemented strict Anti-Money Laundering (AML) regulations to combat illegal financial activities. Compliance with these regulations is not only a legal requirement but also critical to safeguarding your business from risks associated with financial crimes.

What is Anti-Money Laundering (AML)?

Anti-Money Laundering refers to the set of laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income. In the UAE, businesses are required to implement robust AML frameworks to identify, monitor, and report suspicious activities, ensuring their operations are not inadvertently involved in money laundering activities.

AML is applicable to the following types of businesses in the UAE:

1. Financial Institutions:
  • Banks (including commercial and investment banks)
  • Money exchange houses
  • Insurance companies and brokers
  • Investment companies and funds
  • Payment service providers
  • Credit finance companies
2. Designated Non-Financial Businesses and Professions (DNFBPs)

These include entities and individuals that are not financial institutions but are still exposed to money laundering risks due to the nature of their business, such as:

  • Real estate agents and brokers (involved in property transactions)
  • Dealers in precious metals and stones
  • Lawyers, notaries, and legal consultants involved in financial transactions
  • Accountants, auditors, and tax advisors (including those in bookkeeping and tax consultancy services)
  • Trust and company service providers (e.g., forming companies or managing clients' money)
  • Corporate service providers (involved in setting up and managing companies)
3. Virtual Asset Service Providers

This includes businesses involved in dealing with cryptocurrencies, digital currencies, and related assets. They must comply with AML/CFT (Combating the Financing of Terrorism) regulations in the UAE.

4. Non-Profit Organizations

Non-profit organizations (NPOs) in the UAE that handle financial transactions are also subject to AML regulations, as they could be used as conduits for money laundering or terrorism financing.

Our AML Services in UAE

1. AML Compliance Advisory
  • Customized Compliance Solutions:Banks (including commercial and investment banks)
  • Risk Assessment & Strategy: In-depth evaluation of your business’s exposure to money laundering risks, followed by the creation of an effective AML strategy to mitigate those risks.
  • Ongoing Compliance Support: Banks (including commercial and investment banks)
2. AML Registration and Filing
  • Assistance with AML Registration: We help you register with the relevant UAE authorities to comply with AML regulations.
  • Submission of Suspicious Activity Reports (SAR): Ensure timely and accurate submission of SARs as required by UAE law when any suspicious financial activities are detected.
3. AML Risk Assessment
  • Business-Wide AML Risk Assessment: We conduct a comprehensive review of your business operations to identify potential vulnerabilities to money laundering activities.
  • Gap Analysis: Identify and address gaps in your current AML policies, procedures, and controls.
  • Tailored Action Plan: Develop a clear action plan to strengthen your anti-money laundering defences and reduce risks.
4. AML Policy Development
  • Development of AML Policies: Create detailed internal AML policies that are aligned with UAE regulations and international best practices.
  • Implementation and Training: Ensure that your team understands and effectively implements these policies through customized training programs and regular updates.
  • Document Management: Assistance with record-keeping and maintenance of AML documentation to ensure regulatory compliance
5. AML Training and Awareness
  • Employee Training Programs: Provide comprehensive AML training for your employees, ensuring they understand their role in preventing money laundering and reporting suspicious activities.
  • Management & Board-Level Training: Tailored AML awareness sessions for senior management and board members to ensure a top-down approach to compliance.
  • Ongoing Training and Certification: Regular training updates to keep your team informed of the latest AML regulations, threats, and best practices.
6. AML Audit and Monitoring
  • AML Audits: Conduct periodic independent audits of your AML processes to ensure they are fully compliant and effective.
  • Transaction Monitoring: Implement robust transaction monitoring systems to detect unusual or suspicious financial activities in real-time.
  • Reporting and Compliance Reviews: Ensure accurate and timely reporting of suspicious transactions to the relevant authorities as required by UAE law.
7. AML System Implementation
  • Implementation of AML Software: Integrate cutting-edge AML software solutions to automate transaction monitoring, risk assessments, and reporting processes.
  • System Integration & Testing: Ensure seamless integration of AML systems with your existing accounting and financial platforms, including thorough testing and support.
  • System Maintenance & Updates: Ongoing support and updates to keep your AML systems efficient and up to date with the latest regulatory requirements.