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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 companies in the sector coming forward to register in the last days of the previous deadline, which e...

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-financial businesses and professions (DNFBPs), they have been asked to register in the Financial Int...

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 subject to penalties including suspension of licences and closure The new initiatives announced by the UAE...