Before accepting new clients, it is crucial for companies to conduct thorough Know Your Customer (KYC) procedures to ensure adherence to Anti-Money Laundering and Combatting the Financing of Terrorism (AML-CFT) regulations. Businesses must have impeccable KYC processes in place to evaluate and reduce risk. Weak KYC protocols can result in increased risk of enabling Money…

Designated Non-finance Businesses and Professions (DNFBPs) are required to comply with the UAE’s Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) laws. Non-compliance can lead to penalties from the Ministry of Economy (MoE), which conducts inspections to ensure AML-CFT compliance. To avoid penalties, DNFBPs must prepare for these inspections with a rigorous approach. In…

Anti-money laundering (AML) training programs for employees are mandatory for financial institutions (FIs) and designated non-finance businesses and professions (DNFBPs) in the UAE, such as real estate agents, auditors, dealers of precious metals and stones, and trust and corporate service providers. Failure to provide AML training may result in compliance failure, attracting hefty penalties. In…