Anti-Money Laundering

The UAE Federal Law on AML and Combating Terrorism Financing (CTF) is applicable to: The accountants and auditors, precious metal dealers, real estate dealers, and corporate service providers must apply Law No. 20 of 2018 related to AML in the UAE.

The UAE and AML

The UAE contributes to global AML compliance and fulfills the Financing of Terrorism. It is trying to implement the standards that the FAFT has set regarding AML.

They conducted the very first international risk assessment of the UAE regarding money laundering and terrorism financing in 2018. The evaluation assists the government of the UAE in assessing various areas.

The help is regarding a high risk of terrorist financing and money laundering. Since 2019, FAFT identified and examined UAE considering requirements of international standards. Above all, it found various areas helpful from a national framework. The particular benefits are for countering terrorism financing and money laundering.

Federal Decree-Law in UAE

In 2018, the UAE government issued Federal Decree-Law No. (20) on money laundering, terrorism financing, and financing of criminal organizations with its implementation regulation. It is a legal framework that criminalizes terrorism, financial activities, coupled with money laundering.

Further mainly focuses on the effectiveness of the legal framework in implementing measures. In addition, it considers processes that provide efforts to combating money laundering activities and illegal companies.

Moreover, it comes with the demand for strict AML rules in the UAE for all the usual areas of money laundering.

Recent Services

Internal Audit assist

Sign up Your Audit Form

To conclude the rules, it is vital to understand Money Laundering. Any transaction aimed at either changing the evaluation and source of funds got illegally.

Moreover, we do screening through banking and the financial system. We reinvest it legally comparative to actual nature.

The associated authorities in the UAE have established a system to evaluate and control data on the processes. Here that may lead to finance-related crimes. Hence, they detect the associated crimes with terrorism financing and money laundering. Moreover, the authorities of UAE understand that the national framework and the CFT/AML coordination must continue to establish. It can significantly improve its effectiveness.

The UAE Federal Law on AML and Combating Terrorism Financing (CTF) applies to below:

  • Financial organizations
  • Designated Non-Financial Businesses and Professionals (DNFBPs).
Decisions of Cabinet related to AML in UAE
The demand for Anti-Money Laundering and CFT regulations

The demand for Anti-Money Laundering and CFT regulations

We thoroughly review all the internal procedures and compliance regarding countering terrorism financing and money laundering-related crimes;
Firstly, we prepare a detailed compliance program. Our particular compliance officers prepare a report on a semi-annual basis and submit it to the company’s senior management.
Secondly, review the current MIS system and suggest a technical alteration to automate the AML compliance.
Thirdly, detect and evaluate any of the transactions regarding any crime. We significantly review suspicious transactions and notify them or maintain them as a record with complete confidentiality.
Moreover, A E Y Auditing evaluates your company procedures and financial aspects and complies with legal requirements. Thus, we monitor activity and report suspicious activities.
Furthermore, we have detailed information and expertise regarding AML compliance. We deliver effective AML consultancy services to a range of Designated Non-Finance Businesses and Professions in the UAE.
Additionally, we assure 100% compatibility and compliance with AML regulations. It is because of providing detailed training to your employees to comply.
Above all, we offer compliance officer services with AML compliance automation. Summarizing, it is in the commercial Free Zone and the mainland of UAE

Decisions of Cabinet related to AML in UAE

The cabinet decisions declared about AML/ CFT are below:

Federal Decree-law No. (20) of 2018 on AML And CFT and Financing of Banned/ Illegal organizations;
Cabinet Decision No. (10) of 2019 related to implementing regulation of the legislation mentioned above On AML and CFT and Financing of Banned/ Illegal organizations.

Cabinet Decision No. (58) of 2020 related to regulating the Beneficiary Owner Procedure.

Cabinet Decision No. (74) of 2020 related to Terrorism Lists Regulation and Implementation of UN Security Council Resolutions regarding Preventing and Combating Financing of Terrorists & Proliferation of Weapons of Mass Destruction and other Related Resolutions.

Groups of sectors under DNFBPs under AML in UAE

The further classification of DNFBPs is into the following four sections mentioned below:

Real estate agents and brokers

Dealers of precious metals and stones

Corporate service providers

Above all, independent accountants and auditors

The demand for Anti-Money Laundering and CFT regulations

Overall, this legislation requires a Financial Institution/ DNFBP to do: Reporting Suspicious Transaction Appoint a Compliance Office Registration in the automatic reporting system for sanction lists. Perform Due Diligence Measure Register in the go AML System
Anti-Money Laundering (AML)

Book a free online consultation of
30 minutes and start with us today

Liquidation Services

Liquidation of the firm in Dubai is a process of shutting down a company…

Audit & Assurance

Internal audit is an important tool to assure management of the business…

Statutory Audit

Statutory Audit

There are various types of audits to choose from, and statutory Audit is one of them..

Internal Audit

Internal Audit

An internal audit is a detailed analysis of a firm performance according to the business plan…

FAQs Of Auditing

The general requirement of a business in the UAE is to maintain its records for not less than (5) years. The Commercial Company Law makes it mandatory for all companies in the mainland.

According to UAE Commercial Company Law, every company needs to have auditors to audit their book of accounts. Under Federal Law no. 2 of 2015, Article 27, a licensed auditor is mandatory. Ministry of Economy in the UAE must approve it.

Dubai Financial Services Authority registers well-known auditors. Therefore, it may appoint them to examine and report accounts of regulated DIFC entities.

However, if your company is usually free from an audit, you need an audit if your shareholders ask so. The shareholders must own at least 10% of the shares. Shares can be particularly on an individual or group level. 

If you are an entrepreneur in Dubai, it is essential to get an audit. It’s significant because it assures that your company records are reliable and in order. Auditors in Dubai, while conducting audits, examine internal controls of a company. All of the sudden, they also inspect the existing system, coupled with the financial statement.

Yes! IFRS standards are mandatory by the UAE Commercial Company Law No 2 of 2015. Listing rules of NASDAQ Dubai, Dubai Financial Market PJSC, Abu Dhabi Securities Exchange, and especially Dubai Financial Services also demand it.

(5) years.

You can notably become an FCCA once you have a continuous membership of 5 years with ACCA. Further, you must meet CPD requirements of paying annual subscriptions every year.

Once you file the return, the IRS usually starts these audits within a year. Within particularly six months, they lead to completion. However, expect a delay if you do not deliver the complete information. In fact, we also expected the delay if the auditor finds issues and wants to expand in other years or areas.

The mandatory documents by management are as below:

  • Firstly, accounting reports with trial balance, balance sheet, ledgers, income statement, and relevant schedules
  • Secondly, copies of vouchers, invoices, receipts, and bills
  • Thirdly, a list of bank accounts used for transactions and forgeries of bank statements
  • Moreover, maintained reports of all the payroll functions of a business.
  • Further, copies of legal documents of the business
  • Verifications from clients, suppliers, associated entities, etc.
  • Above all, evaluate related parties and transaction examinations with related parties.
  • Firstly, it helps accomplish business objectives. It will fix company weakness in all ways.
  • Secondly, auditors in Dubai significantly facilitate identifying loopholes and risks in the financial report of your company.
  • Thirdly, it boosts credit rating and valuation. You open doors for foreign investors and get the best financial position by calling an audit service.
  • Moreover, it reveals the overall picture of your business. You can further focus more on your company’s strengths, weaknesses, opportunities, and threats once you have a clear vision.
  • Firstly, we follow our services’ highest professional ethics and quality level.
  • Secondly, our company has a fast-growing team of qualified & dedicated professionals.
  • Thirdly, you get new opinions to look at your business through Business Analysis, Creative Insight & Industry Benchmarking.
  • We act as a Sounding board for crucial financial decisions and significantly provide dependable strategic leadership through our experience and knowledge.
  • A E Y Auditing LLC is a UAE-registered auditing firm providing cost-effective value-added solutions to meet all your business needs.

Get In Touch

Small steps taken today in the right direction can produce great results tomorrow.
I’ll be happy to schedule a call with you to discuss further.

Call Now