Money laundering is a type of financial crime which involves taking criminally obtained proceeds and disguising their origin so as to appear to be from a legitimate source. Anti-money laundering (AML) refers to the activities which financial institutions perform to achieve compliance with legal requirements to actively monitor and report suspicious activities with an intent to curb money laundering.
The UAE has introduced Federal Decree-Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organizations and implementing regulation, Cabinet Decision No. (10) of 2019 concerning the Implementing Regulation of Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organizations.
The Anti-Money Laundering Law in the UAE requires certain listed Financial Institutions and Designated Non-Financial Businesses and professions to establish a comprehensive AML/CFT Program including AML Policy for KYC Screening, Risk Profiling, Governance, STR Filing and more.
We at Evas International, help you understand the specific money laundering risks associated with your business, and ensure that provisions of the UAE AML law are complied with.
To read more about the AML/CFT and its relevance to your business, click here