Firms not complied to the UAE anti money laundering regulations to be penalized from tomorrow
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UAE: Not Complying to AML Rules Could Result In Dh5 Million Fine
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The UAE passed an anti-money laundering and terrorism financing law in 2018.
The MoE will start enforcing penalties from May 1, 2021.
The UAE’s Ministry of Economy has begun to implement inspection campaigns to ensure targeted firms’ compliance with the registration procedures in line with the anti-money laundering regulations seeking to curb illicit flow of funds and all forms of transnational financial crimes.
The launch of the inspection activity coincides with the expiry of a grace period up to April 30 given to establishments belonging to the Designated Non-Financial Businesses and Professions (DNFBP) category to register in the goAML system and Automatic Reporting System for Sanctions List. The ministry said punitive measures for violating the regulations or failure to register in the systems will come into effect from May 1, 2021.
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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.