Protect your business with robust Anti-Money Laundering and compliance frameworks
At Komail Parekh Chartered Accountants LLC, we help businesses navigate the complex landscape of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations in the UAE. Our compliance services ensure your business meets all regulatory requirements while implementing practical, effective controls.
By implementing necessary AML/CFT policies and control mechanisms, organizations can minimize the risks associated with money laundering and terrorism financing throughout their operations. Our team provides the expertise you need to develop and maintain robust compliance frameworks that protect your business and reputation.
Comprehensive assessment to determine where we can add value in helping your company achieve AML compliance and identify potential vulnerabilities.
Creation of tailored AML policies, controls, and procedures, streamlining your business processes while ensuring regulatory compliance.
Implementation of appropriate customer screening and ongoing monitoring procedures to identify and mitigate potential risks.
Regular reviews to ensure your AML systems and controls remain effective and up-to-date with changing regulations.
Customized training to ensure your team understands AML risks, red flags, and compliance procedures relevant to your business.
Identification, assessment, and management of AML/CFT risks specific to your business operations and industry.
The UAE has strengthened its AML/CFT framework in recent years, aligning with international standards and best practices:
Regulatory Framework: Federal legislation establishes AML/CFT requirements for businesses across sectors
Designated Non-Financial Businesses: Expanded regulations covering various sectors beyond traditional financial institutions
Regulatory Bodies: Oversight from entities including the Central Bank, Ministry of Economy, and sector-specific regulators
Compliance Requirements: Mandatory implementation of risk-based approaches, customer due diligence, and suspicious transaction reporting
Non-Compliance Consequences: Significant penalties, including fines and potential license revocation
International Standards: Alignment with FATF recommendations and international best practices
In-depth knowledge of UAE and international AML/CFT regulations and requirements.
Customized compliance frameworks designed for your specific industry and business model.
Effective controls that integrate smoothly with your existing business processes.
Reduced exposure to financial crime risks and regulatory penalties.
Continuous assistance to adapt your compliance framework as regulations evolve.
Enhanced trust from partners, customers, and regulators through demonstrated compliance.
Evaluating your current compliance status and business-specific risks
Identifying areas requiring improvement to achieve regulatory compliance
Creating tailored policies, procedures, and controls to address identified gaps
Integrating compliance solutions into your business operations
Educating your team on AML risks, red flags, and compliance procedures
Regular reviews and updates to ensure continued effectiveness and compliance
AML compliance requirements in the UAE extend beyond traditional financial institutions to include various designated non-financial businesses and professions (DNFBPs). These include real estate agents, precious metals dealers, accountants, lawyers, company service providers, and many others. If your business involves transactions with significant monetary value, customer funds management, or falls within regulated sectors, you likely have AML/CFT obligations. We can provide a specific assessment of your compliance requirements based on your business activities.
Non-compliance with AML regulations in the UAE can lead to severe consequences, including substantial financial penalties that may reach millions of dirhams, business restrictions, license suspension or revocation, reputational damage, and in serious cases, potential criminal prosecution for company officers. Additionally, non-compliant businesses may face difficulties with banking relationships and partnerships as other organizations conduct their own due diligence. Implementing a robust compliance framework is therefore essential for business protection and continuity.
An effective AML framework typically includes several key components: risk assessment methodologies, customer due diligence procedures (including KYC - Know Your Customer), transaction monitoring systems, suspicious activity detection and reporting mechanisms, record-keeping processes, internal controls and governance structures, staff training programs, and regular independent audits. The framework should be risk-based, meaning the intensity of controls is proportionate to the level of risk associated with different customers, products, services, and geographic areas relevant to your business.
AML compliance should be subject to continuous monitoring, with formal reviews conducted at least annually or whenever significant changes occur in your business or the regulatory landscape. These changes might include entering new markets, launching new products or services, undergoing corporate restructuring, or in response to regulatory updates. Additionally, periodic independent audits are recommended to ensure objectivity in assessment. We offer regular review services to help maintain the effectiveness of your compliance framework as your business evolves.
Contact us today for comprehensive AML & Compliance services
Contact Us