Dubai: Businesses registered as real estate brokers, auditors and consultants are coming under inspection by the UAE Ministry of Economy for their compliance with anti-money laundering and combating terrorism financing regulations. This applies to those professions marked under the ‘Designated Non-Financial Business and Provisions’ category.
These establishments are required to register in the government regulations approved for countering money laundering and combating the financing of terrorism before the end of the extended grace period that ends on April 30.
Failure to register in the goAML system and Automatic Reporting System for Sanctions Lists will come into effect from May 1 will invite penalties.
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The UAE s Ministry of Economy began inspections of Designated Non-Financial Businesses and Professions (DNFBPs) to ensure they are following anti-money laundering and combating terrorism financing rules.
Businesses including brokers, property agents, auditors, dealers of precious metals and gemstones, and corporate service providers such as company formation agents have been urged to register with the relevant anti-money laundering bodies before April 30 to avoid being fined, the ministry said in a statement on Tuesday.
“The inspection campaign aims to ensure that the sector’s establishments follow the established regulations on anti-money laundering,” Safeya Al Safi, director of the anti-money laundering department at the Ministry of Economy, said.
Up to Dh5 million fine for not complying AML rules khaleejtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from khaleejtimes.com Daily Mail and Mail on Sunday newspapers.
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 companies in the sector coming forward to register in the last days of the previous deadline, which expired on March 31, 2021. Furthermore, the unusual circumstances faced by companies and the business sector in the wake of Covid-19 pandemic has also been taken into consideration.
UAE extends date to register in anti-money laundering systems tradearabia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tradearabia.com Daily Mail and Mail on Sunday newspapers.