United Arab Emirates
Guide to Compliance
Money laundering, terrorist and proliferation financing can destabilize communities, economic sectors, or national economies. Criminals and terrorist networks may be able to carry out their criminal and potentially destructive activities via a multitude of mechanisms and structures by transforming the proceeds of illicit activities into legitimate money.
All financial entities and Designated Non-Financial Businesses or Professions (DNFBPs) have to develop and implement policies and procedures which create a risk-based approach framework to money laundering as well as perform the appropriate verification, name screening and other KYC checks to comply with the regulations. They must also register on anti-money laundering platform ‘goAML’ which is developed by the United Nations Office on Drugs and Crime (UNODC) to report and curb organised crimes.
Financial Institutions (FI)
Who are classified as FIs?
What is required from FIs?
2. Wire transfer equal to or exceeding AED 3500 (or equivalent in any other currency).
3. When there is ML/TF suspicion.
4. When there are doubts about veracity or adequacy of identification.