Compliance and Anti-Money Laundering

EVAS International’s service assists organizations to effectively monitor and manage risk and ensure compliance with regulatory requirements. Complying with governmental regulations is not optional, it is mandatory. At the same time, you cannot lose sight of your business goals. Juggling the two may be a difficult task; this is exactly where we come in. The Compliance team at Evas International has the experience to help you manage risk and ensure compliance with regulatory requirements.

  • Compliance policy and procedures
  • Compliance monitoring plan
  • Transaction monitoring advisory
  • Regulatory return review
  • Corporate trainings
  • Compliance in sourcing
  • AML/KYC policy framework
  • KYC remediation
  • AML audit
  • AML reporting standards

We also assist to identify and report on Suspicious Transactions and Unusual Transactions as part of our Anti Money Laundering Officer’s services:

Suspicious Transactions

Transactions relating to funds in relation to which reasonable grounds for doubt are available to suspect that there are the proceeds of crime or offence, or associated terrorism finance or financing of unlawful organizations, whether such transactions are executed or about to be executed.

Unusual Transactions

Transactions that deviate from the customary course between the customer and the client.

Economic Substance Regulations

The UAE has enacted Economic Substance Regulations (“ESR”) which applies in all the UAE jurisdictions. The ESR Regulations require companies and other business forms (all entities) registered in the UAE which carries one or more “Relevant Activities” listed below in the Guidance and Regulations listed below, to have economic substance compliance in the UAE in relation to these activities, and to comply with the necessary notifications and return filing obligations.

Relevant activities
  1. Banking Business
  2. Insurance Business
  3. Fund Management Business
  4. Financing or Leasing Business
  5. Intellectual Property Business
  6. Headquarters Business
  7. Shipping Business
  8. Holding Company Business
  9. Distribution and Service Business

After the filing of ESR notification with the relevant regulatory authority, the entity has to ensure compliance, completion and filing/ submission of necessary economic substance return later in the year. This practice may have to be followed on a concurrent basis.

Company Secretary Services

As a part the requirement of Economic Substance Regulations, we can assist in Company secretarial services including drafting of board minutes and other compliance matters.

ADNOC In Country Value (ICV) Certification- Consulting

ADNOC has introduced an In-Country Value (ICV) program for its suppliers. This procurement-led initiative aims to boost ADNOC’s ICV contribution by focusing on local supplier selection, development of UAE Nationals, and the localization of critical functionalities in the oil and gas industry.

From 1 April 2018, all suppliers of goods or services to ADNOC are required to calculate and declare their certified ICV score for the previous financial year, to demonstrate how they are helping to deliver ICV.

The In-Country Value (ICV) program for ADNOC Group Companies are introduced with the objectives of providing development opportunities for UAE’s Emiratis in the private sector, localization of the critical parts of the value chain for selected categories and assistance in local supplier selection.

The ICV assessment is an important part of ADNOC’s tender evaluation and award process.

As part of the ICV Program, ADNOC’s suppliers are required to declare their ICV achievement (“ICV Certificate”) with respect to the previous financial year.

ADNOC requires third-party verification of the numbers in the ICV Certificate to be conducted by one of its Certifying Bodies on an annual basis.