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Ministry of Economy issues 8 violations of AED1.35 million against gold trading businesses Sun 23rd May 2021 | 09:15 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 23rd May, 2021) The Ministry of Economy (MoE) is conducting an extensive inspection campaign targeting establishments belonging to the Designated Non-Financial Businesses and Professions (DNFBPs) sector to ensure their compliance with the regulations approved for countering money laundering and combating financing of terrorism and illegal organisations.
DNFBP establishments were allowed three monthsâ time to register in the two systems and to put in place due diligence procedures that enable them to file suspicious activity reports, before the end of the grace period in the beginning of May.
UAE: Companies issued fines of Dh450,000 each for violations
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The violations included failure to adopt necessary measures and procedures to determine crime risks in the respective field of work.
The Ministry of Economy (MoE) is conducting an extensive inspection campaign targeting establishments belonging to the Designated Non-Financial Businesses and Professions (DNFBPs) sector to ensure their compliance with the regulations approved for countering money laundering and combating financing of terrorism and illegal organisations.
DNFBP establishments were allowed three months’ time to register in the two systems and to put in place due diligence procedures that enable them to file suspicious activity reports, before the end of the grace period in the beginning of May.