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Deadline for DNFBPs’ Registration in Anti-Money Laundering Regulations Extended April 15, 2021 The goal is not to impose violations, but to ensure compliance. The Ministry of Economy (MoE) announced the extension of the deadline granted to Designated Non-Financial Businesses and Professions (DNFBPs) to register in the systems approved for countering money laundering and combating the financing of terrorism, until the end of April 2021. The extension has been granted due to a large number of c...

Imposition of penalties and fines on violators to begin once the new deadline expires

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UAE businesses that must register in anti-money laundering systems Web Report/Dubai (Wam file photo used for illustrative purpose) The deadline for non-financial businesses is March 31; failure to register could result in closure. The Ministry of Economy (MoE) has listed the businesses that need to register in the anti-money laundering systems before March 31. ALSO READ: These include real estate agents, gold dealers, auditors, and service providers for companies. Referred to as designated non-...

New AML steps to ensure strict compliance issacjohn@khaleejtimes.com Filed on March 3, 2021 The list includes 26 types of violations and stipulated fines that range from Dh50,000 to up to Dh1 million, which could be doubled up to Dh5 million in certain cases. — File photo The Ministry of Economy announced the extension of the grace period for registration in its systems to combat money laundering until March 31, 2021, and warned that companies that fail to register would be subjec...

File picture Tough penalties ranging from AED 50,000 to AED 5 million will be imposed by the UAE Ministry of Economy on the business sector to counter money laundering crimes and combat the financing of terrorism. The violations apply to Designated Non-Financial Businesses and Professions (DNFBPs). Brokers and real estate agents, precious metal and gemstone dealers, auditors, and corporate service providers will be under scrutiny. The Ministry s...

UAE’s Ministry of Economy unveils list of violations, fines for money laundering The issuance of the violations and fines list supports the UAE’s efforts in combating money laundering crimes and financing of terrorism by Zainab Mansoor March 3, 2021 The Ministry of Economy (MoE) has issued a list of 26 violations, in line with the cabinet resolution No. (16) of 2021 regarding the unified list of violations and administrative fines for the said violations of measures to combat money...

The Ministry called on the companies practicing such activities to enhance their awareness and knowledge on the risks of money laundering and keep pace with the government's efforts in this regard.

Property brokers, gem wholesalers have until March 31 to be in full compliance

UAE: Full list of fines for money laundering, terror financing Web Report/Dubai Photo: Wam Fines range from Dh50,000 to Dh1 million for 26 violations The UAEs Ministry of Economy has announced the list of violations and fines for money laundering and terrorism financing. The minisry has issued a list of 26 penalties. Also read: Grace period extended The grace period for companies to register in two systems to combat money laundering has been extended till March 31. Companies that fail to regist...