Anti-Money Laundering Consultation
Anti-money laundering (AML) and counter-terrorism financing (CFT) are among the top priorities in the United Arab Emirates, where authorities are focused on safeguarding the financial sector and enhancing compliance with both local and international regulations. Below is an overview of the role of relevant authorities in combating money laundering, as well as the consultancy services offered by our office in this field:
Objectives of the Anti-Money Laundering and Counter-Terrorism Financing Supervision Department:
- Inspection of Licensed Financial Institutions: The department conducts regular inspections of financial institutions to ensure compliance with AML and CFT standards and procedures.
- Compliance with Legal and Regulatory Framework: The authorities aim to ensure full compliance with national and international anti-money laundering laws, to provide a secure financial environment.
- Identification of Risks and Threats: The department identifies risks and threats associated with money laundering and terrorism financing in the financial sector, aiming to enhance necessary preventive measures.
Role of the Central Bank in Combating Money Laundering:
- Coordination with Relevant Authorities: The Central Bank, through the Anti-Money Laundering Division, works in coordination with the National Anti-Money Laundering and Counter-Terrorism Financing Committee to implement the national action plan.
- Cooperation with Inspection Authorities: The Central Bank exchanges information with the banking regulatory authority to ensure full compliance with anti-money laundering and counter-terrorism financing laws, and implements necessary penalties against violators.
- Collaboration with Local and International Partners: The division works on enhancing cooperation with local and international partners such as supervisory authorities, law enforcement agencies, and financial intelligence units to ensure best practices in combating money laundering.
Our Anti-Money Laundering Consultancy Services:
Our office offers comprehensive consultancy in the field of anti-money laundering, helping businesses and financial institutions comply with AML and CFT regulations under both local and international laws. Our services include:
- Developing and Implementing AML Procedures and Policies: We design and implement end-to-end AML programs that comply with both local and international regulatory requirements.
- Training and Awareness: We offer specialized training to employees of companies and financial institutions, enabling them to understand and apply AML and CFT laws and procedures.
- Risk Assessments: We conduct risk assessments to identify potential money laundering and terrorism financing risks companies may face and develop strategies to mitigate these risks.
- Compliance Support and Auditing: We assist businesses with conducting periodic reviews to assess their compliance with AML and CFT procedures and ensure ongoing adherence to the regulations.
- Legal Consultation and Enforcement of Sanctions: We provide consultation on the enforcement of penalties for non-compliance with AML regulations and ensure full adherence to regulatory procedures.
Why Choose Our Office?
- Specialized Expertise: We have a team of experts specializing in anti-money laundering, with an in-depth understanding of local and international laws.
- Comprehensive and Flexible Solutions: We provide tailored consultancy solutions that cater to the needs of various companies, whether large or small, ensuring effective implementation of AML procedures.
- Continuous Support: We offer ongoing support to clients, assisting them in staying updated on legal and regulatory changes, ensuring full compliance at all times.
Our Services Include:
- Designing and implementing Anti-Money Laundering (AML) policies and procedures
- Risk assessment and providing preventive solutions
- Assisting companies with submitting compliance reports to regulatory bodies
- Internal auditing and ensuring the effectiveness of the anti-money laundering system
- Consultation on all aspects of Counter-Terrorism Financing (CTF)
If you need assistance in establishing or updating your company’s anti-money laundering procedures or in training your team, do not hesitate to contact us. We are here to ensure your business complies with the highest standards of compliance and remains secure from the risks of money laundering and terrorism financing.
