AML regulation in the UAE

AML regulation in the UAE – Makebiz

Anti-Money Laundering is a set of legal measures and procedures aimed at detecting attempts to conceal illegal proceeds through legal means. 

There is an article on money laundering in the UAE Federal Law, which states that it includes intentional operations aimed at secreting or disguising illegal proceeds, their acquisition, as well as helping persons to avoid punishment for such actions.

AML policy regulates not only financial institutions but also non-financial businesses such as brokers, real estate agents, lawyers, accountants, etc. Therefore, all companies are committed to developing an internal AML policy.

 In order to ensure control, customer due diligence should be systematically conducted with continuous customer updates and transaction monitoring to establish the origin of funds. For effective assessment of potential threats and prompt action planning, it is also important to identify risk factors and develop measures to minimize risks in the business.

The measures taken to implement AML regulation guarantee financial stability and security, which in turn plays an important role for the company’s reputation.

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